Joyn Insurance, an insurance technology company, has raised $17.7m in Series A funding led by OMERS Ventures.
The round also saw participation from Avanta Ventures, ManchesterStory, Cohen Circle, SiriusPoint and several private individual investors.
Launched in July 2021, Joyn Insurance Services is a Delaware-domiciled, licenses producer and general agent that underwrites commercial insurance in the small and middle markets.
The company integrates insurance, data and technology expertise to provide a faster, more accurate and more transparent experience. Joyn said this saves time, costs, and frustration
The funcing, which brings the company’s total raised to more than $30m, will be used to further enhance its technology platform and data capabilities, as well as to demonstrate the value of its innovative technology-driven insurance offerings.
Since entering the market, Joyn has bound more than 500 policies with approximately 80 trading partners, covering more than 300 insureds.
Today, Joyn offers E&S coverage for property, general liability and excess for companies across more than 700 NAICS codes in 36 states and Washington, D.C.
Seraina Macia, Joyn CEO, said, “We built this company to remove the pain points and operational inefficiencies that have frustrated brokers and underwriters for as long as we can remember, and we are proud to be delivering on this bold mission.
“This funding will allow us to further build and expand so we can continue providing a best-in-class insurance experience in the market. Many brokers are already seeing that we can deliver on what we were built to do, and with our broad E&S appetite for small to mid-sized property and general liability risks, we look forward to adding more trading partner relationships in the near future.”
Earlie this month, Propeller, a US-based InsurTech, raised $6.4m in seed funding led by a consortium of industry partners to further its mission of transforming the surety industry.
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