Waffle Labs
Technology company focused on revolutionizing insurance.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor investor | €0.0 | round |
| N/A | €0.0 | round | |
| N/A | €0.0 | round | |
| investor investor | €0.0 | round | |
| investor investor investor | €0.0 | round | |
N/A | Convertible | ||
| Total Funding | 000k | ||
| USD | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 |
| % growth | - | 18 % | - |
| EBITDA | 0000 | 0000 | 0000 |
| Profit | 0000 | 0000 | 0000 |
| EV | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 |
Source: Dealroom estimates
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Waffle Labs, Inc. operates as a digital insurance agency, leveraging technology to offer a simplified and comprehensive insurance experience. The company was founded in 2018 by Quentin Coolen, Michael Li, and Sam Barnsley, a team with diverse backgrounds in law, data science, chemistry, and banking. The concept for Waffle originated from research conducted at the Massachusetts Institute of Technology (MIT) in 2017, focusing on holistic risk assessment.
The firm's business model is centered on being a licensed insurance producer, not an insurer, earning compensation from the premiums of policies it sells through its platform. Waffle serves the personal consumer market in all 50 U.S. states, providing a marketplace for various insurance products. The company partners with established insurance carriers like Nationwide, MassMutual's Haven Life, and Chubb's Blink to offer a suite of products including auto, home, renters, pet, life, and personal cyber insurance. This partnership approach allows consumers to manage multiple policy types through a single interface on Waffle's website and mobile app.
A significant aspect of Waffle's offering is its proprietary technology, which includes a risk model named Galileo and a risk mitigation engine called Y.O.D.A. (Your Own Derisking Assistant). These tools are designed to analyze risk holistically and provide users with actionable insights to reduce their risk profile. The company also develops AI models that have demonstrated the ability to improve conversion rates and underwriting for its carrier partners.
Waffle Labs emerged from the Barclays Techstars accelerator program and has secured significant financial backing from a range of investors. The company has raised a total of $10.5 million over several funding rounds, including a notable $5 million seed round led by Verve Ventures. Other prominent investors include Sony Innovation Fund, BetterLabs Ventures, and Techstars, underscoring confidence in its model to modernize the insurance distribution channel. Keywords: insurtech, digital insurance agency, personal lines insurance, risk management, insurance marketplace, policy customization, cyber insurance, pet insurance, risk modeling, InsurTech platform