Vouch, insurance for startups, raises $45 million

(Reuters) — Vouch Insurance, a platform offering business insurance for startups, said Wednesday that it raised $45 million and would expand into California.

Silicon Valley startups increasingly are offering services to other young companies, from human resources to start-up-focused credit cards.

The San Francisco-based company has raised $70 million to date. The company declined to disclose its valuation. Y Combinator Continuity, the venture arm of Silicon Valley incubator Y Combinator, led the latest round.

The company's co-founder and CEO, Sam Hodges, said that Vouch, which launched in Utah and Illinois in September, plans to offer coverage nationwide by the end of 2020.

The company said its policies are backed by Munich Reinsurance Co.