Digital insurance company Embroker has netted $28m in its Series B round which was led by Tola Capital.
Previous investors of Embroker including Canaan Partners, Bee Partners, Manulife Capital Ventures, Nyca Partners, and XL Innovate, also joined the Series B round. The latest capital injection has raised the InsurTech’s total funding to $42m.
As part of the deal, former SVP of Microsoft Windows Bill Veghte has joined the Embroker board of directors.
Having closed the round, the company will now look to scale the adoption of its insurance management platform, its data-driven service offering and its insurance policies, it said.
San Francisco-headquartered Embroker is a digital insurance platform which provides businesses with 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.
The platform has over 2,500 advisors to give businesses data-driven guidance of over 50 commercial carriers to find the best cover.
Its platform is used by more than 2,500 companies and during 2018, Embroker tripled its revenue and is on track to double it in 2019.
Last year, the InsurTech released its startup program, a suite of proprietary insurance policies custom-built for technology companies. Businesses can use the solution to buy directors and officers (D&O), and employment practices and liability insurance (EPL) policies.
Embroker CEO and founder Matt Miller said, “Business insurance has been painful and inefficient for far too long. We are incredibly excited to offer something that is unequivocally better, faster, and cheaper.
“We’re proud of how much time and money our customers have saved and thrilled to have the support and capital needed to further accelerate our growth.”
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