InsurTech company Insurance Lounge has closed a round of growth equity financing of $15m to speed up its plans for expansion.
The round was completed by a consortium of institutional investors led by Alta Point Capital and Brian Modesitt.
Insurance Lounge claims to be transforming how people shop for and purchase insurance through technology.? The company has utilized its licensed Insurance Concierge’s throughout its three new distribution channels that make the shopping and buying experience more simple.
According to Insurance Lounge, the financing will support the firm plans for geographic growth, including the opening of new locations, new talent hires and the acquisition of additional agencies.
Insurance Lounge CEO and founder Michael DeLaGrange said, ?As a second-generation agency owner, I kept seeing consumers confused and frustrated by the insurance buying experience. I envisioned a new model where buying insurance could be enjoyable, simple and convenient. Insurance Lounge is the culmination of that vision. I am excited to work with this new investor group to achieve the goal of Insurance Lounge unique consumer-centric approach.p>
Alta Point Capital managing partner David Young added, ?Insurance Lounge has built a strong foundation and brand in Oregon and we look forward to working with Brian and Michael to support the company growth initiatives over the coming years.p>
The funding round was co-led by Graphite Ventures and previous investor, Luge Capital. Additional financing partners included EDC, Tactico, and CIBC Innovation Banking.
Referred to by its users as ?Google Search for Insurance,ProNavigator proprietary machine learning and AI are trained on specific insurance knowledge. The InsurTech said this means it understands the types of queries insurance professionals use and retrieves the right information within seconds.
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