The Israeli start-up Spott has completed an initial fundraising round of $ 8.3 million during 2021

The Israeli start-up Spott, which has developed a digital insurance platform tailored to e-commerce sellers (online commerce), now announces (Thursday) that it has completed an initial fundraising round of $ 8.3 million during 2021. Spott also announced the launch of their insurance platform, as part of a basket of financial services offered to ecommerce sellers.
The fundraising round was led by Team8 and Viola Ventures, with Spot being the first company to be formed by Team8's fintech arm. The solution developed by the company will allow sellers to protect their business from claims and meet the growing insurance requirements from e-commerce giants, most notably Amazon.
Spot was founded a year ago by 8200 graduate entrepreneurs: Roma Bronstein, co-founder and VP of technology; Amit Batzir, co-founder and VP of product; And Guy Selma, co-founder and CEO. The team also includes Yuval Tal, founder of Pioneer and Borderfree, who serves as the company's chairman and managing partner at Team8.
Spot currently employs about 20 people in its offices in Tel Aviv and New York, and the company is currently recruiting for a variety of positions in Israel and the United States - in order to expand its business operations and launch additional financial products.
The insurance market for e-commerce sellers, to which Spot's solution is addressed, is currently estimated at about $ 5 billion a year and is expected to grow at a rapid pace. This is especially so in light of Amazon's decision and other e-commerce platforms to oblige all sellers to hold third party insurance and product warranty on the products they sell. Traditional insurance companies prefer not to engage in insurance in this area, mainly because of the difficulty in assessing and pricing risks in the field.
Spot makes a variety of insurance quotes accessible to e-commerce businesses, and enables the rapid purchase of a policy that meets the requirements of e-commerce platforms at a price that suits the level of risk of the business. The company currently serves hundreds of ecommerce sellers around the world and collaborates with digital brokers and insurance companies in Israel and the United States.
Behind Spot's solution is advanced data analysis technology, which enables the formulation of additional financial solutions for the e-commerce market. In addition to insurance services, Spot's technology provides real-time insights that help sellers proactively reduce risks associated with suspending accounts, supply chain issues, theft of sales permissions, counterfeiting and more. Spot's services also serve as a growth lever for businesses and provide financing to increase sales volume, launch new products and expand into new markets.