SALT, an InsurTech built for the home and auto insurance market, has scored a $2m Series A investment.
The capital injection was led by Eagle Venture Fund, a global seed and Series A investment firm.
With the capital, the company plans to hire four to six new team members, bolster its product development with feedback from agent customers, and attend industry conferences.
SALT claims that by enhancing the prospect data acquisition process, SALT accelerates the time it takes to move a prospect through the sales pipeline, whilst equipping the independent agent with ways to connect with referral partners.
Some of the company’s recent milestones include growing its agent subscriber base by 40% in Q1 2022 and integrating its services with PL Rating and EZLynx.
SALT co-founder and CEO Jonathan Simmons said, “I believe design should have a purpose, products should solve problems, and the greatest ideas are those born from necessity and collaboration.”
Alongside the close of the investment, SALT has welcomed IIAT Board past chairman Robert Nitsche and Stakwise owner Casey Nelson to its board of directors.
InsurTech deal activity is on track to set a new record in 2022, according to data from FinTech Global. The sector saw 152 deals in Q1 2022, compared to 491 in the whole of 2021.
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