Newfront, the modern insurance brokerage platform, today announced a $200 Million investment at a $2.2bn valuation led by the Growth Equity business within Goldman Sachs Asset Management and B Capital with participation from existing investors including Founders Fund and Meritech Capital.
Newfront plans to grow its technology teams and focus in particular on harnessing data-driven insights for clients. The company also plans to invest in specialized client resources and experts across a wide variety of industries and expand across the US.
The financing serves as further validation of the merger of Newfront and ABD, which occurred in August 2021. In seven months the company has launched a new client dashboard, refined benchmarking capabilities, welcomed more than 200 new colleagues, and experienced record-breaking growth while achieving profitability.
Additional investors in the round include Y Combinator, Index Ventures, Bloomberg Beta, XYZ, Susa Ventures, Pruven, Propel, Vetamer, Altai, Tony Xu CEO of Doordash, and others.
Read more: PR Newswire
