Workers’ compensation insurtech Hourly has raised $27 million in a series A seed round.
The platform lets employers with hourly workers run payroll, track time and attendance, and manage workers’ compensation insurance premiums in one place in real time. As a “pay-as-you-go” model, it promises insureds that they only pay for the coverage they use every pay period.
Currently the managing general agency only offers its workers’ compensation platform to independent insurance agents in California but it plans to use its new funds to expand.
“We’re planning to expand our insurtech platform outside the state of California and make it available to one-third of the U.S. population by the end of 2023. This is part of our larger vision to completely change the workers’ comp game–for good, ” proclaimed Tom Sagi, founder and CEO, on the agency’s blog.
In addition to expanding geographically, the firm said it hopes to add new features that will allow business owners to manage their workers’ compensation, file claims, and run safety programs from its platform.
Glilot Capital Partners led the Series A, along with investors who helped Hourly get started in the first place. These include S Capital, MS&AD Ventures, J-Ventures, new backers Vintage Investment Partners and Upshot, and a number of angel investors.
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