Digital insurance broker Mylo has pulled in $28m fors its Series A round of funding which was led by Guggenheim Partners
From the new batch of equity, the InsurTech will look to boost its position in the market, accelerate its business strategy and find new routes for success. Following the deal, Lockton Companies is still the majority investor of Mylo.
Launched in 2015 by Lockton Companies, the company delivers a streamlined place for small businesses and individuals to receive customised advice from licensed agents. As well as this, users can compare and purchase insurance products digitally.
A variety of insurance products are available through Mylo including business, cyber, health, life, home, renters, auto and workers compensation, among others. The platform uses AI and customer insight to help consumers find the best policy and for the best prices.
Waller Helms Advisors served as the exclusive financial advisor to Mylo and Lockton for the deal.
Mylo CEO David Embry said, “The Mylo team has done amazing work in building a foundation for growth over the past three years.
“Guggenheim’s investment will allow us to take Mylo to the next level through new strategic partnerships and innovative product and service offerings that help us reach more customers and offer smarter coverage.”
Last year, Guggenheim provided debt facilities to Accel-KKR for the refinancing of Kerridge Commercial Systems. The company offers a range of trading and business management solutions for retail, wholesale, merchant and distribution markets.
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