Sola, an Atlanta-based InsurTech startup, has secured $8m in Series A funding to accelerate its creation of the first vertically integrated property insurance company.
The round, which brings the company’s total funding to $11.7m, was led by FINTOP Capital and JAM FINTOP, with participation from 10vc and Georgia Tech, according to InsurTech Insights.
The company controls all stages of the property insurance process, including policy forms, risk modelling, claims and internal tools, removing reliance on third-party providers and aiming to improve experiences for agents and customers.
Sola uses objective data triggers to process claims, speeding up recovery times and providing more predictable outcomes. Since its seed round last year, revenue has increased sevenfold, the flagship wind and hail programme has launched, and Sola achieved coverholder status with Lloyd’s of London.
The new capital will help scale revenue into eight figures, expand sales and product teams, and make coverage available to more homeowners.
Sola co-founder and CEO Wesley Pergament said, “Insurance companies are known for outsourcing core parts of their business. We rebuilt and vertically integrated our policy forms, modeling, claims, and internal tools from scratch, creating a better buying, coverage, and claims experience for customers and agents.”
FINTOP Capital general partner John Philpott said, “Their unique tech, disciplined underwriting performance, and agency traction position them to capture a massive market opportunity.”
The Series A follows last year’s seed round, which set the foundation for Sola’s tech-driven property insurance model.
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