Coterie, an API solution developer for the commercial insurance industry, has collected $8.5m in its oversubscribed Series A round.
The capital injection was supported by RPM Ventures, Allos Ventures, Western & Southern, Intercept Ventures, Frontier Venture Capital and Sure Ventures. A number of unnamed executives and casualty insurance industry also committed to the investment.
This new round brings Coterie’s total equity raised to $11.65m, having previously secured $3.12m in funding.
Following the close of the round, the company will look to increase customer acquisition and boost its operations.
Coterie was created to help modernise the commercial insurance process, it claims. Its product suite offers tools for general liability, business owners policy and professional liability insurance.
Coterie founder and CEO David McFarland said, “We’re incredibly fortunate to partner with such great investors to push the commercial insurance space forward. Their experience in the insurance, freelance, and B2B2C space is going to be highly beneficial as we expand.
“As a team, we’re all excited about the opportunities we’re seeing. This raise will enable us to bring many of those to fruition.”
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