Digital insurance platform Talage has bagged $5m in its Series A round which was led by Merus Capital.
Additional contributions to the round came from Calibrate Ventures, WTI and Hallador Investment Advisors. All of Talage’s previous investors also contributed to the round.
Having closed the investment, the InsurTech startup hopes to expand its engineering and business development teams to meet rising customer demands.
The company, which was founded in 2015, gives small business owners the ability to purchase essential commercial coverage from agents online. The SaaS-based platform streamlines the selling of coverage.
Talage has sold over $1m in insurance cover to businesses across 40 US states. The company supplies digital agents with the tools to connect with small businesses and offer them insurance.
Talage co-founder and CEO Adam Kiefer said, “We’re thrilled to partner with Merus and other top venture capital firms as we enter the next phase of the business, with further growth of our technical and business development teams. The new funding will enable us to bring our SaaS solution to even more customers, continuing to innovate the way small businesses buy insurance.”
North America has seen the lion share of investments in the InsurTech space since 2015, FinTech Global data shows. The region represents 51.4% of the total $18.2bn which has been invested into InsurTech companies around the world.