Evident, a provider of automated third-party insurance verification and credentialing services for enterprises, has raised $14m in Series C funding.
The round was led by Forte Ventures with participation from new investors Gaingels and Strawberry Creek Ventures, an Alumni Ventures fund, and existing investors including New Enterprise Associates, Aspect Ventures, Blue Cloud Ventures, Lane Bess and Tom Noonan.
Evident provides comprehensive certificate of insurance (COI) verification and credentialing services so that enterprises across industries may reduce their third-party risk and improve compliance rates.
Evident’s secure platform extracts and digitises data from COIs and evidence of all types, and provides the initial verification as well as ongoing monitoring to detect changes and automate risk decisioning.
The company’s customers include category leaders in grocery, retail, convenience stores, manufacturing, lending and transportation.
David Thomas, founder and CEO of Evident, said, “Third-party networks are growing faster and more complex, increasing risk while making management even more difficult.
“Evident’s insurance verification solution helps risk managers looking to reduce risk in their third-party networks and to do so with more accuracy, speed and visibility. And our automated, SaaS approach is revolutionary for those using costly and error-prone home-grown systems or traditional service providers.”
Evident closed its Series B round in early 2019. The company raises $20m in a round led by Aspect Ventures.
Earlier this year, Evident teamed up with InsurTech NEXT Insurance, which is on a mission to transform small business insurance, to provide NEXT’s tailored insurance solutions to the small businesses that Evident verifies.
According to NEXT, together with Evident, the combined solution is the only fully-automated, fully-digital insurance verification and fulfilment solution available. Through this partnership, NEXT said it can help Evident’s clients and their small business clients streamline and simplify the process of purchasing coverage and provide proof of required insurance.
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