Austin Insuretech Start-up ‘Life by Spot’ Raises Nearly $6 Million

Silverton Partners leads the company’s seed funding, supporting Life by Spot as they launch the first ever short-term life insurance for adventure-seekers

AUSTIN, Texas - Life by Spot, the first short-term direct-to-consumer life insurance platform in the US, has announced a $5.85 million investment led by Silverton Partners. Life by Spot, also called ‘Spot,’ plans to use the funds to drive strategic-growth initiatives, invest in product development and accelerate go-to-market activities.


Spot was co-founded by Austin entrepreneur Matt Randall, who serves as CEO, and former New York Life executive Maria Miller, who serves as COO. The company offers on-the-spot coverage and instant approval through their consumer-facing platform. Policies start at $7 and range from 1-day to 30-day terms. They are issued by Fidelity Life Association and reinsured by Hannover Life Reassurance Company of America.


“Life by Spot encourages people to live life to the fullest,” said Matt Randall, CEO and Co-Founder of Life by Spot. “For the first time in the US, customers can quickly and easily obtain a short term life insurance policy to give them peace of mind as they live out a life of adventure, whatever adventure means to them. For some, that is climbing Mount Everest and diving the Great Barrier Reef; for others, that may mean the courage to take a road trip. Whatever it may be, we believe life is meant to be lived without anything holding you back.”


“Obtaining life insurance is a complicated and time-consuming process, and Spot aims to change that,” said Maria Miller, COO and Co-Founder of Life by Spot. “We’re not only expanding the market but also creating an entirely new distribution channel for life coverage; we’re reaching a target demographic that traditionally has been untouchable by traditional life insurers, and we’re just scratching the surface of what is possible.”


Silverton Partners led Life by Spot’s seed funding. Based in Austin, Texas, the VC firm works with entrepreneurs and early stage start-ups in high-growth industries to guide and build successful companies.


“Life by Spot is redefining the traditional insurance market with a truly innovative suite of products,” said Kip McClanahan, General Partner at Silverton. “We believe the time is right for a new take on insurance and Matt and Maria’s vision for Spot is incredibly exciting.”


The company plans to launch the platform in late 2018. Spot will continue to introduce new offerings in the next year with an expanded suite of products, including accident insurance, to help customers live each day like it is their last. For more information, visit www.getspot.com.


About Life By Spot


Spot is an ambitious startup opening an entirely new channel of distribution and targeting a

demographic, which to date, has been untouchable by traditional insurance incumbents.

On average, Americans under the age of 45 account for less than 5% of the total population with life insurance. That's because life insurance wasn't created for the actual wants and fears of the people Spot aims to serve, and wasn't designed for today’s adventurous lifestyle.

Spot is the industry solution to today's complicated, confusing, and expensive process to acquire life insurance. For the first time, consumers will have the ability to purchase short term policies, ranging from 1-day to 30-days, for a nominal fee through Spot's simple platform, against a wide range of activities that people want to experience, responsibly.

Led by a team of life insurance veterans and experienced tech entrepreneurs, Spot will alleviate any worry, allowing policyholders to live, love and celebrate life to the fullest. www.getspot.com


About Silverton Partners


From idea to exit, the Silverton team works with exceptional entrepreneurs who are committed to attacking growth markets and building lasting companies. In partnering with Silverton, companies benefit from its deep network and lessons learned over many decades of operating and investing experience. Founded in 2006, Silverton Partners is based in Austin and has been the initial investor behind Convio, WP Engine, SpareFoot, SailPoint, Silicon Labs, TurnKey, The Zebra, AlertMedia, SpyCloud, Convey, Aceable, Big Squid, and Billie among many others. CB Insights has recognized Silverton as the most active venture capital firm in Texas. For more information, visit http://www.silvertonpartners.com.