This latest investment brings the company’s total funding to $20 million and will support Rainbow’s plans to broaden its specialised underwriting solutions into additional business verticals.
The financing, finalised in Q4 2024, will enable Rainbow to accelerate its rollout of innovative insurance programs. The company recently launched its second program, targeting beauty and wellness businesses, which is now available in Arizona and Michigan, with plans for a nationwide expansion.
Founded in 2021, Rainbow initially focused on providing insurance coverage for restaurants. Its flagship program, currently active in 24 states, has demonstrated significant success, fuelling the company’s confidence in its scalable, technology-driven underwriting model.
“As we continue to prove our thesis for scalable, software-driven underwriting across a growing portfolio of specialised insurance programs, we’re thrilled to deepen our partnership with Zigg,” said Bobby Touran, CEO and Co-founder of Rainbow. “This new capital will allow us to accelerate our expansion into additional verticals, meet growing demand from agent and distribution partners, and continue innovating our proprietary technology while attracting top talent to our team.”
Zigg Capital’s General Partner, Ryan Orley, expressed strong support for Rainbow’s vision and execution “Rainbow has built the most compelling technology platform to serve the restaurant vertical and the broader SME sector. The team exemplifies the efficiency, expertise, and customer-centric approach we prioritise. Rainbow’s custom-built software is powerful, and its growth trajectory is among the fastest we’ve observed for a B2B offering.”
With this funding, Rainbow is poised to expand its specialised underwriting approach into new verticals, meeting the needs of underserved sectors. The company’s focus on leveraging innovative technology and maintaining close partnerships with agents and distribution partners positions it as a leader in the business insurance space.
As Rainbow continues its nationwide rollout, its success underscores the growing demand for tailored, technology-driven insurance solutions that address the unique risks faced by businesses.
