AI-focused commercial insurer MGT, which uses vertical AI to modernise property and casualty (P&C) insurance for small businesses, has raised $21.6m in an oversubscribed Series B round.
The funding was led by Mubadala Capital, with participation from Clocktower Ventures, Tacora Capital, and existing backers. The new capital will support the company’s research and development, strengthen its AI capabilities, and expand its Excess & Surplus (E&S) operations nationwide.
MGT was founded to simplify insurance for small businesses and agents through a full-stack AI-driven model that streamlines everything from underwriting to policy delivery. Its technology is designed to make commercial P&C coverage faster, more efficient, and more accessible.
MGT co-founder and co-CEO Michael Topol said, “This raise marks a pivotal moment for MGT as we scale to meet the growing needs of agents and small businesses nationwide with the support of investors aligned with our mission.
“By building MGT as a vertically AI-native company from the ground up, we’ve proven that automation and AI can drive meaningful efficiency, scaling quickly with limited headcount and focusing on strategic impact and innovation.”
Clocktower Ventures partner Ben Savage added, “MGT’s approach introduces a new model for small business insurance with technology that truly matters. We believe MGT’s AI-native platform will redefine commercial insurance and create a significant impact for brokers and businesses alike
For more, visit InsurTech Analyst
Read the daily FinTech news
Copyright © 2025 FinTech Global
