Virtual claims provider Snapsheet has raked in $12m in its Series D funding round, which was led by Tola Capital.
Chicago-based, the company is a personal and commercial virtual claims provider for the auto insurance industry.
Through the platform users can manage claim lifecycles and get support when submitting and processing a claim.
The capital will be used to continue development of its virtual claims platform and increase sales, marketing and customer engagement functions.
Snapsheet hopes to invest into machine learning to continue to improve workflows in the insurance industry.
Following the transaction, Tola Capital managing director Sheila Gulati will join the company’s board of directors.
Gulati said, “The traditional insurance claims cycle has been fraught with laborious, multi-step processes that were inconvenient to insurance customers and costly for carriers and repair shops.
“Snapsheet has created a platform that has optimized a key workflow for its customers and created a deeply valuable set of data to further drive insight and business value for the insurance industry.”
The company raised $20m in its Series C, which saw F-Prime Capital Partners and IA Capital Group take part.
Total investments into Snapsheet is at least $43m, with it initially receiving a $250,000 seed investment in 2011.
Copyright © 2017 FinTech Global