Virtual claims solution Snapsheet has closed its Series E funding round on $29m to support the advancement of analytical capabilities.
Enterprise software-focused venture capital firm Tola Capital led the funding round. Joining the series was a number of first-time backers of Snapsheet including Nationwide, Sedgwick, and State Auto Labs.
The round also witnessed reups from Liberty Mutual Strategic Ventures, F-Prime Capital, OCA Ventures and an affiliate of USAA.
This funding will be used to accelerate the deployment of its end-to-end SaaS claims platform for all property and casualty lines. Furthermore, funds are earmarked for increasing its advanced analytics capabilities and expanding the team to serve clients globally.
Snapsheet provides businesses with a customer-first claims process which combines data and people to give an accurate and smooth process, it claims. The technology boasts a claims estimation service which gives insurance carriers, TPAs and other partners a flexible solution that can streamline estimates.
The platform also offers a payments hub which lets insurance carriers easily disburse claims and expense payments to policyholders and vendors.
Snapsheet CEO and founder Brad Weisberg said, “We have helped to lead a digital and data-driven revolution that is transforming how our clients engage with their customers and stakeholders across the auto claims ecosystem. Now, we are accelerating and expanding our proven technology, software, and processes. This continues to make a real impact on the auto claims process, but there is so much more that we can do for our clients.”
The close of the Series E brings Snapsheet’s total equity funding to a total of $71m.
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