Israeli drone insurance start-up Voom raises $5m for expansion

Voom, an on-demand telematics-based insurance platform for specialised mobility, has secured $5 million Series A funding, led by Arbor Ventures with participation from existing investors, and new partner Plug and Play Ventures, a Silicon Valley-based accelerator and corporate innovation platform.

The Tel Aviv-based insurtech provides usage-based insurance for commercial drones. The start-up plans to widen its services to offer on-demand insurance for episodic usage mobility, including e-scooters, powersports, motor boats, small planes, and other modes of transport.

Voom said it is looking to collaborate with top insurance carriers to offer users on-demand, usage-based insurance policies for multiple modes of transport.

“With the rise of on-demand mobility services such as e-scooters, we discovered that in most cases, riders are not covered in case of an accident. And much more importantly, they are not aware of this fact,” said Tomer Kashi, CEO and co-founder of Voom. “Voom will ensure that users of unique mobility platforms can grab insurance on-the-go from their mobile devices whether they ride, fly, or sail.”

Lior Simon, vice president and head of Israel at Arbor Ventures, said: “Insurance is a given across every traditional mobility category. However, coverage offerings clearly haven’t kept up with shifting consumer behaviors and emerging risks, such as those associated with micro mobility usage. I believe in the VOOM team’s ability to execute their vision and am thrilled for them to join Arbor’s portfolio.”