Rainbow, a digitally-enabled managing general underwriter that is building tailored small business insurance products, recently announced its $12 million seed funding round. Exbo Group prepared and delivered properly stated financials for this fundraise and provides Rainbow with scalable support on an ongoing basis as their platform continues to grow.

The round included participation from Caffeinated Capital, Altai Ventures, Zigg Capital, 8VC, Buckley Ventures, Habitat Partners and Arch Capital Group Ltd. 

CEO and Co-Founder of Rainbow, Bobby Touran, said, “coming out of the pandemic, we saw a gap in the process of other underwriting companies and carriers focused on small commercial, and this was super clear with restaurants and their ever-evolving nature. Restaurants are a massive category where every operator requires insurance, and it has proven to be a challenging class for many capacity providers. We felt that building deep domain expertise in the verticals we focus on would allow us to use technology to tailor our underwriting and prioritize loss ratio, all while maintaining the critically important customer-centric approach to small business."