Bond-Pro, a provider of surety and specialty insurance solutions, has pulled in $10m in its equity round.
Boston-based growth equity firm Volition Capital led the investment round. As part of the deal, Volition Capital managing partner Roger Hurwitz will join the Bond-Pro board of directors.
This capital injection will be used to support the company’s vertical market integration strategy between carriers and agencies. In addition to this, funds will be used to establish more capabilities for its clients in the US and Canada.
US-based Bond-Pro designs automation and management software for insurance agencies and carriers to improve premiums, optimise underwriting, lower costs and mitigate risk. Its technology can help teams to streamline and automate the entire life-cycle of commercial, bid and contract bonds.
Bond-Pro CEO Frederick Duguay said, “The capital provides us with the resources to further strengthen Bond-Pro’s Next Gen Surety Carrier and Agency solutions, accelerate global expansion beyond North America and launch a B2B Surety Hub that seamlessly connects carriers and agencies in real-time.
“We’re excited to continue building upon the success of our modern Next Gen Platform solution, which already allows our clients to automate processes, materially reduce operating costs and mitigate their underwriting risk, while growing premiums by making it far easier for agents to write with them.”
Last year, Volition Capital participated in the $10m Series B round of Cortera, a credit data solution provider. The FinTech gives clients analytical tools to derive insights from payment behaviours of private and public companies.
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