UK based travel insurance startup has raised $9.3m of Series A financing led by Kamet Ventures.
Kamet, a fund backed by insurance giant AXA Group, led the round, which brought Setoo’s total funding raised to $12.1 million, or €10.3 million. Many insurers, such as Travelguard, provide ready-made, insurance-like products for online travel agencies and other companies to sell. But these tend to be generic and only for trip cancellation. Setoo lets the companies create the products that are more customized to sell on their own. For example, when a customer books a ski trip, an online agency could offer money-back protection if the weather is unsuitable for skiing.