California-based Bamboo Ide8 Insurance Services LLC, which has a Bermudian-domiciled captive insurance entity, has announced the $16 million close of its Series A funding round.

Since launch, Bamboo has raised $75 million in financing to support organic growth in California, the build-out of a retail agency and the launch of its captive on the island.

The round was led by UK-based Eos Venture Partners, a firm with deep insurance industry expertise focused on insurtech investing, with participation from existing investors.

John Chu, founder and chief executive officer of Bamboo, said: "The completion of our Series A round marks an exciting inflection point for Bamboo.

“After successfully refining our underwriting model and distribution capabilities over the past three years in the California market, Bamboo will now embark on a product and geographic expansion plan while remaining true to our profitable underwriting philosophy."

Bamboo was founded in 2018 with a focus on serving the California property market with homeowners, dwelling fire and other ancillary products.

The company said it experienced significant growth by delivering an easy and innovative insurance experience for customers.

Leveraging technology to reduce inefficiencies in the market and utilising an applied science approach, Bamboo said, it incorporates proprietary underwriting models and leading third-party technologies to deliver industry-leading underwriting results.

Zach Powell, Eos general partner, said: "We are thrilled to partner with the experienced team at Bamboo and support their product and geographic expansion plans.

“Bamboo has demonstrated strong growth coupled with profitable underwriting that will ultimately differentiate insurtech winners."

Bamboo said it has more than 75,000 policyholders and $105 million of managed premiums.