Grinnell Mutual Leads 2nd Funding Round for Insurance Social Media Start Up

Serious Social Media, developer of the automated social media marketing service, InsuranceSocial.Media, and a 2016 graduate of the Global Insurance Accelerator (GIA) program, announced it has secured a second round of funding led by Iowa-based Grinnell Mutual Reinsurance Co. (Grinnell Mutual).

Grinnell Mutual was also one of the founding investors in the GIA, which as a group acquires an initial financial stake in startups going through its program. This latest investment in Serious Social Media is independent of the GIA.

“These early-stage investments confirm our product meets an urgent need in the insurance industry,” said David Beall, Serious Social Media CEO, in the company’s announcement.

InsuranceSocial.Media is the flagship product of Serious Social Media, which has locations in Des Moines, Iowa, and Anaheim, Calif. Serious Social Media was selected as part of the GIA’s second cohort, which ran from January through May 2016.

Launched in July, InsuranceSocial.Media is software developed for insurance agents and carriers. It not only provides personalized, relevant and engaging content, but also posts that content — along with carrier content — automatically to agents’ social media platforms. The solution’s tiered subscription plan makes it easy for agents and brokers to match the level of service to their marketing needs.

“Many of our independent agents are eager to market through social media, but do not have the staffing or resources to keep an active social media presence,” said Kurt Eaves, Grinnell Mutual’s vice president of underwriting and production and a GIA mentor.

The $700,000 round also includes funding from the IMT Group, another original investor in the GIA.

The GIA is a business accelerator focused on developing and growing innovative insurance-centric startups. Now in its third year, the GIA is backed by insurer investors from across the U.S., but is based in Des Moines, which is home to more than 80 insurance companies and tens of thousands of insurance professionals.

Serious Social Media is the second GIA graduate to receive additional funding from insurers involved in the GIA program. In March, Drive Spotter secured funds from a group of investors, including Grinnell Mutual.

Source: Serious Social Media, Global Insurance Accelerator

Topics Mergers & Acquisitions Agencies