Spot: Innovative Coverage for the Adventurous

Cycling, skiing, mountain biking, and hiking are only a few of the many exhilarating activities that millions of individuals enjoy each year. Unfortunately, active lifestyles put individuals at a higher risk of injury. In 2021, an estimated 110,900 winter activity-related injuries were treated in emergency rooms nationwide — of course, this doesn’t include common summer injuries caused by biking, swimming, boating, etc. With 43% percent of working-age adults being inadequately insured, medical bills associated with these injuries often put people in highly stressful financial positions.

Addressing this need for improved coverage is Spot Insurance. The startup is helping protect individuals with active lifestyles against unexpected medical expenses and debt. By partnering with organizations, customers can purchase daily, weekly, seasonal, and annual injury insurance at an approachable price.

Double-Duty Business Model

Spot is addressing a unique niche in healthcare through a two-revenue stream business model that appeals to businesses and individuals. The “Opt-In” model consists of daily, weekly, seasonal, and annual coverage purchased during checkout, starting at $5/day for $20,000 of injury insurance and decreasing cost based on coverage duration. On the other hand, the “Baked-In” offer allows Spot’s insurance to be fully embedded in a partner’s offering, leading to a 100% conversion strategy.

Spot’s entirely new approach to healthcare gives consumers the freedom to select and pay only for the types of coverage they desire. Additionally, by focusing on customers with active and adventurous lifestyles, the company is creating strong brand differentiation. Spot can also efficiently acquire high-conversion consumers with little marketing spend through its B2B partnerships (Ikon, Strava, National Collegiate Rugby, Jackson Hole, US Cycling, and 60+ others) that reinforce brand messaging, create trust, and drive highly efficient customer acquisition.

Experienced CEO and Significant Momentum

Spot was founded by co-founder/CEO Maria Goy and co-founder/former CEO Matt Randall. Matt is a serial entrepreneur and the former CEO & co-founder of Twyla, an e-commerce platform for buying and selling art that raised over $19 million from Google Ventures, Redpoint, and IVP. He is also a 3x co-founder with experience and passion for building consumer-centric brands, business development, and product vision.

In January, Matt and the board voted to appoint Maria as the CEO of Spot — and they could not be more excited to see her take the company into its next chapter of success. Maria and Matt previously split their roles, with Matt as CEO and Maria as co-CEO running all operations across Spot. Maria has prior experience with Fortune 500 companies (Accenture, Starbucks, Viacom, New York Live, etc.) and strong global experience across the U.S., Europe, and Asia markets, making her the ideal candidate.

Since its inception, Spot has reached many impressive milestones, including 100%+ YoY growth and rapid acceleration of partnership revenue and customers. In addition, the company’s platform is now live across over 65 partner channels. There is also promise for future growth as Spot owns all its customers’ data through its partner contracts. This visibility across customer cohorts (partners) and individual customers allows for individualized targeting of future products and upsells. 

How We Are Involved

Congress Avenue Ventures (for the University of Texas community) sponsored Alumni Ventures’ investment in Spot’s $33 million Series A (led by Ensemble VC) alongside sibling fund Ring Ventures (for the Texas A&M community).