The Global Insurance Accelerator (GIA), has announced changes to its funding structure that will begin with its 2020 cohort.
Beginning with the 2020 cohort, the GIA will increase the seed investment from $40,000 to $75,000 in return for a 5 percent equity stake.
By nearly doubling the investment, housing for participants will now be covered in entirety by the seed investment. Other program benefits for accepted startups will continue to include meetings with 75+ insurance-focused mentors, office space, educational sessions, exposure at industry conferences, and the opportunity to present at the Global Insurance Symposium.
The change in funding comes just six months after Nicole Gunderson took over as the accelerator’s new Managing Director.
“The GIA was established at the very forefront of the insurtech movement,” said Gunderson. “The funding and perks provided for startups at that time was more than equivalent to other accelerators in the industry, but like any startup, we’ve learned a lot in our first five years and need to continue to evolve and scale. Today, there is increased competition in the accelerator landscape, and our goal with this change is to provide a founder- and investor-friendly, standard market structure.”
Since launching in 2014, the GIA has accepted 36 startups into the accelerator’s annual, 100-day program based in Des Moines.
The decision to increase program benefits for future cohorts was voted on and approved by GIA’s 13 insurer investor members of the GIA board.
In addition to the change in funding, GIA also announced that applications are now open for the 2020 cohort.