New York

Oyster Raises $3.6M for Newest Personal Insurance Platform, AlleyWatch

Most standard homeowners’ and renters’ insurance policies offer coverage for personal items. However, this coverage only covers a fraction of the value of low-cap items, leaving the insured vulnerable. Additional floaters or personal property insurance must be purchased to maximize the value of your covered item. Most people don’t realize this until it’s too late. oyster is a personal insurance platform that offers insurance options embedded in point-of-sale coverage. By partnering directly with merchants, consumers can seamlessly purchase coverage for loss, theft and accidental damage. Today, the platform allows you to secure warranties for bicycles, eBikes, jewelry, collectibles, phones, laptops, and other electronic devices. It takes less than 20 minutes to integrate the platform. Oyster is licensed as an agent to provide property and casualty insurance and cooperates with major insurers to underwrite insurance policies. Premiums for a $10,000 watch can be as low as $150 a year with global coverage with low or no deductibles.

alley watch Catch up with Oyster’s CEO and co-founder Vic Ye To learn more about the business, the company’s strategic plans after launch, recent funding rounds, and more…

Who are your investors and how much did you raise?

We have raised a $3.6 million funding round. new stack ventures lead the round Global Founders Capital, Conversion Capital, Cambrian Ventures, SNR VC, Kearny Jackson, Valia Ventures, Interlace VenturesWhen V1VCwith a group of angels, including Garrett CohnPresident of CRC Insurance, Gokul Rajaram DoorDash executives, Eugene MarinelliFounder of Blend, and Joe Schmidta16z partner.

What products or services does Oyster offer?
Oyster is an insurance technology company that provides a new standard for comprehensive personal insurance coverage through a simplified experience. Our end-to-end platform enables retailers to embed personal insurance at the point of sale and makes insurance more accessible to consumers. We provide affordable and transparent insurance for your bike and his eBikes, jewellery, collectibles and electronics, expanding our personal insurance e-commerce and brick-and-mortar merchants at the click of a button We have partnered with a network that

What inspired you to start Oyster?
2021, my co-founder John Patel, Nikhil Kansalcreated Oyster with a vision to revolutionize the property and casualty insurance industry by redesigning the customer experience through innovative technology and underwriting.

How is it different from oyster?

Oyster’s simplified insurance experience sets a new standard for comprehensive insurance coverage and addresses the lack of transparency of outdated legacy insurance plans. For consumers, Oyster offers affordable prices for each product line. For Oyster, the premium for a $5,000 ring is $50 a year, $4 a month. Oyster fully covers theft, loss or accidental damage with a $0 deductible. In contrast, standard homeowner and renter insurance typically has higher deductibles, lower single-item limits, and category-specific risk exclusions.

What is Oyster’s target market and size?

McKinsey estimates that the property and casualty insurance industry accounts for $1.6 trillion in premiums, about one-third of the insurance industry.

what is your business model?
Oyster works with a select group of leading insurers to provide customers with personalized insurance products.

How are you preparing for a potential economic slowdown?
We focus on initiatives that create the most value for our customers and partners and carefully consider costs.

What was the fundraising process like?
It’s like introducing a movie script for a shoot. We must help our investors understand our business from top to bottom, and most importantly, get them excited about the future we are building. I did.

What was the biggest challenge you faced in raising capital?
To help investors understand the future we are building from our current business.

What factors in your business are driving investors to write you checks?
Embedded insurance presents a huge opportunity to change the property and casualty insurance landscape. Oyster offers a product-agnostic platform that allows consumers to easily obtain insurance during the checkout process by working directly with merchants.

What milestones do you plan to achieve in the next six months?
We are still a small team, so we plan to use these funds and the coming months to grow our team through hiring.

What advice can you give to New York companies that haven’t injected fresh capital into their banks?
We pay close attention to the runway and relentlessly prioritize projects that have the greatest impact on business success.

Where do you see the company going now in the near future?
We continue to expand our platform offerings and expand our partnership network to make insurance more accessible to everyday consumers.

What is your favorite restaurant in the city?
Piccola Cucina Estiatorio in Soho.

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