AgentSync has announced the successful completion of a $50m funding round, bringing their total funding to an impressive $161m.
This latest round of investment was co-led by existing backers, Craft Ventures and Valor Ventures. Since their Series B funding round in Q4 of 2022, AgentSync has exhibited remarkable growth, with a threefold increase in annual recurring revenue (ARR) and a twofold surge in the number of customers.
The additional $50m in funding will enable AgentSync to intensify its efforts in delivering top-tier products to the nation’s largest and most respected insurance carriers. The company aims to enhance the resilience and efficiency of the insurance industry, meeting the evolving needs and challenges of a rapidly changing market.
AgentSync has established collaborations with over 200 insurance companies, including carriers, managing general agents (MGAs), and insurance agencies, spanning across all sectors of the insurance industry.
The firm is at the forefront of addressing a crucial challenge within the insurance sector: efficient and effective distribution. Their flexible, scalable solutions establish seamless connections between insurance distributors and underwriters, streamlining the delivery of insurance products. The company’s primary focus revolves around developing software-as-a-service (SaaS) and application programming interface (API) solutions that enhance data visibility and operational efficiency for insurers, while also ensuring exceptional experiences for agents and brokers.
Brian Murray, Partner at Craft Ventures, said, “AgentSync has become core infrastructure for hundreds of insurance companies, helping them scale distribution and reduce costs. We are excited to deepen our partnership with the AgentSync team as they continue to upgrade the resilience and efficiency of the insurance industry.”
AgentSync co-founder and CEO Niji Sabharwal, said, “Given the current headwinds sectors of the insurance industry are facing, investing in modern, scalable infrastructure to manage distribution has never been more important. With AgentSync, customers have the flexibility to quickly and intelligently ramp distribution channels up or down as needed. This drives massive distribution channel-related cost savings when efficiently executed through software.
“Helping our customers adapt quickly and manage risk and expenses during tough market conditions is extremely rewarding – especially knowing that they’re building bulletproof distribution infrastructure for when the markets improve.”
Mike Rosenbaum, AgentSync board member and CEO of leading insurance software, Guidewire, said, “AgentSync solves a critical, ubiquitous and long neglected problem in the insurance Industry. This infusion of capital ensures they have the platform and support needed to move up market to larger and more complex carrier requirements and continue to charge ahead solving the extremely complex problems plaguing the insurance industry today.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
