Digital insurance broker Embroker announced its $28 million Series B funding round.
Embroker said it will use the funding to scale adoption of its insurance management platform, data-driven service offering, and proprietary insurance policies.
The round was led by Tola Capital, with participation from existing investors Canaan Partners, Bee Partners, Manulife Capital Ventures, Nyca Partners and XL Innovate, bringing the company’s total funding to date to $42.4 million. It raised Series A funding of $12.2 million in May 2016, while an earlier July 2015 round raised $2.2 million.
Embroker serves businesses with 10 to 1,000 employees. Its platform streamlines commercial lines insurance sales and management, giving businesses a unified view of their policies company-wide, real-time claims tracking, and instant certificates of insurance. Embroker offers policies from more than 50 commercial carriers.
The company says it has grown rapidly since launching in 2016, reaching more than 2,500 customers and tripling its revenue in 2018.
Many of its customers are technology companies. In 2018, the company launched the Embroker Startup Program, a suite of proprietary insurance policies custom-built for technology companies. Embroker estimates that it already works with more than 5 percent of all active venture capital-backed technology companies in the U.S.
The company also announced the appointment of tech industry veteran Bill Veghte to its board. Veghte brings with him more than 30 years of experience with Microsoft, Hewlett-Packard and Survey Monkey.
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