Capitola, a digital market for industrial insurance coverage house, has secured $15.6m in its Sequence A funding spherical led by Munich Re Ventures.
The contemporary infusion is along with a $5m Sequence seed funding spherical held in 2021. The seed spherical was led by Lightspeed Enterprise Companions, which additionally took half within the newest fundraise.
Capitola plans to make use of the proceeds from the brand new spherical to additional develop its expertise for retail and industrial insurance coverage brokers.
The funding can be anticipated to assist the agency velocity up its gross sales within the US.
Capitola co-founder and CEO Sivan Iram mentioned: “The insurance coverage business has seen many technological developments over time, however little or no consideration has been given to the insurance coverage professionals and the instruments they use.
“Capitola’s mission is to assist insurance coverage professionals ship distinctive consumer service and protection. Our platform brings collectively brokers and underwriters, eradicating most of the operational inefficiencies round guide processes and repetitive duties to permit them to concentrate on what they do finest.
“We’re thrilled to have the help of Munich Re Ventures, Lightspeed, and our different traders as we proceed to develop our crew, develop revolutionary options and develop our affect on the insurance coverage business.”
Capitola’s platform has been designed to hyperlink brokers and carriers. It employs AI-powered danger urge for food matching to consolidate the position procedures.
The good placement and market intelligence platform can be able to creating improved consumer reviews and proposals utilizing tailormade templates, amongst others.
Munich Re Ventures managing director Oshri Kaplan mentioned: “The US specialty danger market has grown exponentially over the previous couple of a long time and would profit from a digital market that streamlines processes and expands the choice for insurance coverage placement.”
