Digital insurance company Embroker has raised $100m from a Series C funding round led by FTV Capital.
The round also saw participation from HSCM Bermuda, Gaingels, Tola Capital, Bee Partners, Canaan Partners and MassMutual Ventures.
Founded in 2015, San Francisco-based Embroker is a digital insurance platform that claims it provides businesses with the coverage they need. The company offers a single solution to streamline insurance management, including tools for a company-wide policy overview, real-time claims tracking and instant certificates of insurance.
In the first quarter of 2021, Embroker surpassed $20m in gross written premium and achieved over 100% retention. The company has also seen its digital products grow more than 300%.
Embroker said it plans to use the new funding to expand the firm into a ‘full-stack InsurTech’ by building its own insurance carrier.
Furthermore, this latest funding will give continued investment to Embroker Access, which is a key part of the company’s platform that enables retail and wholesale brokers to offer Embroker’s digital insurance products to customers.
According to Embroker, the recent investment round will help make the company ‘a more streamlined and radically simple experience’ by accelerating its progress in building many of its systems from the ground up.
Embroker CEO Matt Miller said, “For Embroker to truly forge a new approach to business insurance, we need to reimagine and rebuild every part of the process. Even as some of the surface-level elements of insurance have become increasingly customized and digitized, the underlying legacy systems and antiquated processes endemic to this industry are needlessly complex and require a substantial overhaul.
“Embroker has proven that we can focus on a specific business segment, such as tech startups or legal services, and apply a modern approach to risk management and deliver significant value to these customers. U.S.-based venture-backed startups alone are estimated to be collectively paying upwards of $1 billion or more in premiums every year, and we’re helping them not only save money but better protect their businesses.
“Our mission is to replicate this approach to other business segments that have been historically under-serviced by the larger insurance companies and apply advanced technology to make policies more tailored, less expensive, and easier to purchase.”
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