Chicago-based online provider of small business insurance, Insureon, announced $31 million in new funding led by Oak HC/FT, a venture capital fund investing in financial technology companies.
Also participating in the round of funding was the private investment firm, Accretive, which built Insureon and led the company’s previous rounds of financing.
The financing will enable Insureon to increase its technology development and enhance its sales and marketing activities targeting small businesses.
Insureon said its technology and online marketplace platform enable small companies to navigate the complex process of researching, buying and managing their policies directly with leading U.S. carriers.
Since launching in 2011, Insureon has helped insure more than 175,000 small businesses, the company said in its announcement.
There are more than 25 million small companies in the U.S., according to the Small Business Administration.
Patricia Kemp, general partner at Oak HC/FT will join the Insureon board of directors to provide senior counsel to the company’s leadership team, which includes insurance, IT and investment professionals.
Ted Devine, who has led the company as CEO since 2011, is former president of Aon Risk Services. He was previously CEO of Aon Re and a senior partner and director of McKinsey & Company, where he was a leader of its North American Insurance Practice and North American Insurance Operations and Technology efforts.
Financial Technology Partners LP and FTP Securities LLC (together “FT Partners”) served as exclusive strategic and financial advisors, and Greenberg Traurig, P.A. served as legal advisor to Insureon in this transaction.
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