Digital business insurance platform Embroker has secured USD100 million in a Series C funding round was led by FTV Capital with additional investment from HSCM Bermuda and Gaingels and follow on from Tola Capital, Canaan Partners, Bee Partners, and MassMutual Ventures.
Embroker plans to utilise the new funding to expand the company into a full-stack insurtech by building its own insurance carrier.
“For Embroker to truly forge a new approach to business insurance, we need to reimagine and rebuild every part of the process,” says Matt Miller, Embroker CEO. “Even as some of the surface-level elements of insurance have become increasingly customised and digitised, the underlying legacy systems and antiquated processes endemic to this industry are needlessly complex and require a substantial overhaul. This investment round will help us make business insurance a more streamlined and radically simple experience by accelerating our progress in building many of these systems from the ground up.”
Embroker’s innovative platform and products are experiencing substantial growth in the market and driving industry-leading customer satisfaction. Across all products, Embroker surpassed USD20 million in gross written premium for the first quarter of 2021 and achieved over 100 per cent retention. Year to date, the company has also grown its digital products more than 300 per cent while earning an NPS score of 77. This latest funding announcement will provide continued investment in Embroker Access, a critical part of the company’s platform that allows retail and wholesale brokers to offer Embroker’s digital insurance products to customers.
Read more/Source: Private Equity Wire
