Insurer Nationwide has invested in an early-stage funding round for Certificial, an insurtech with a platform that issues real-time certificates of insurance and simplifies compliance management.
Certificial’s $5.8 million Series A funding round also included lead investor IA Capital, a New York-based private investment firm specializing in insurtech and fintech. Cofounders Capital, Fin VC and Cameron Ventures also participated. The round was oversubscribed.
Peter Teresi, a former ACORD chief technology officer, is Certificial’s co-founder and CEO.
Certificial uses real-time data to streamline the supplier management and certificate issuance processes by providing businesses with dynamic ACORD certificates of insurance. It promises an improved process in this area for agents and brokers, insureds, and the requestors.
Certificial said it added more than 6,000 new agencies and brokers to its platform in the 2021 first quarter. It said the platform supports “tens of thousands of corporate users” including a number of unnamed U.S. companies in various industries.
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