Semsee, a commercial insurance platform, has raised Series B funding led by Dick Costolo and Adam Bain’s 01 Advisors.
The round also saw participation from existing investor the D. E. Shaw group, through its venture studio DESCOvery.
The funding will accelerate Semsee’s expansion into new markets and fuel the addition of new technology features that help insurance agents and carriers deliver more insurance policies to business owners. Former insurance executive Jonathan Crystal, managing partner, Crystal Venture Partners, is also joining Semsee as an advisor.
Semsee’s platform helps agents identify small businesses, finds the best coverage and value, and matches them with insurance companies and products in real-time. Semsee connects 5,000 agents and is working with more than 40 insurance companies on its platform, having grown 400% in the past year.
Philip Charles-Pierre, CEO of Semsee, said, “Business insurance has traditionally been very complicated. We started Semsee to simplify and expedite the process of connecting agents and markets to give business owners quality insurance using data and technology.
“In the past, agents entered data into multiple web portals just to get pricing and product information. Carriers focused on seemingly scattered approaches to getting the risks they want. We’re taking the friction out of that whole transaction, making it faster and more efficient for both sides.”
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