San Francisco-based InsurTech Indio has raised $20m in its Series B funding round led by FinTech investor, Menlo Ventures.
Menlo was joined in the round by previous investor 8VC, who led the business’ $6m Series A round back in February last year. Other investors in the Indio include NEA, Compound and Merus Capital. At the end of the year, Indio also received a minority investment from NFP Ventures.
Indio was founded in 2016 and provides a workflow management software for insurance agencies. The company’s platform automates the processes of retrieving quotes from different carriers and processing insurance applications from clients. Indio simplifies the application process by using data to ensure consumers can get help with questions, and data mapping ensures they never have to answer a question twice.
Users are able to use the platform to keep track of their clients, reduce risk by receiving timestamps for actions on the platform and design the forms to better suit consumers. The solution also helps to ease the renewal process, with a one-click button transferring all relevant data from the prior year’s form.
Menlo said that it underwent around three years of research into InsurTech before investing in the company. The firm’s FinTech portfolio includes businesses such as Betterment, Bluevine and RealtyShares.
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