Capitola, a digital marketplace for commercial insurance that connects brokers and carriers, has raised $15.6m in Series A funding.
The round, which was led by Munich Re Ventures, follows on from Capitola’s $5m seed round closed in 2021 that was led by Lightspeed Venture Partners.
Founded in 2021 by Naor Rosenberg (CTO), Amit Ben Nathan (CPO) and Sivan Iram (CEO), Capitola is a digital marketplace for commercial insurance than connects brokers and carriers and uses AI-based risk appetite matching to streamline the placement process.
The Capitola productivity and market intelligence platform aims to transform how broker teams work, saving time and eliminating errors with simplified and streamlined placements.
The Capitola platform organises and manages complex, hard to place and multi-layered programs with intuitive tools, creates customised client reports and proposals using automation features, and finds the right markets with up-to-date, AI-driven market intelligence.
According to Capitola, its platform allows broker teams to do more of what they do best: strengthen relationships, expand their client base, and close more deals, all of which helps fuel growth and profitability.
According to Capitola, this round will be used to grow Capitola’s platform with an emphasis on its market intelligence capabilities and to accelerate sales in the US.
Sivan Iram, Capitola’s co-founder and CEO, said, “The insurance industry has seen many technological advancements over the years, but very little attention has been given to the insurance professionals and the tools they use.
“Capitola’s mission is to help insurance professionals deliver exceptional client service and coverage. Our platform brings together brokers and underwriters, removing many of the operational inefficiencies around manual processes and repetitive tasks to allow them to focus on what they do best. We’re thrilled to have the support of Munich Re Ventures, Lightspeed, and our other investors as we continue to grow our team, develop innovative solutions and expand our impact on the insurance industry.”
Earlier this year, UK-based FinTech Stubben Edge Group raised £5.6m in an oversubscribed funding round on its mission to help brokers and Independent Financial Advisors (IFAs) digitise their businesses.
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