Counterpart, the management liability insurtech, announced raising $30 million in Series B growth financing led by Vy Capital, a global technology investment company that has backed leading companies such as Coalition and Reddit. Prior investors also participated in the round, including Valor Equity Partners, an early backer of Tesla, SpaceX, Addepar and GoPuff, and Felicis Ventures, which has funded Plaid and Credit Karma, bringing Counterpart’s total capital raised to $40 million.
Los Angeles-based Counterpart will use the growth capital to expand its footprint in the $20 billion private company management liability insurance market, scale its team and launch new products–including Crime and Excess insurance in the coming months. Counterpart’s extensive network of appointed brokers already offer its three existing management liability products: Directors and Officers, Employment Practices, and Fiduciary.
The company is also investing in its broker distribution partnerships to make management liability insurance more accessible to small businesses with the introduction of a new API platform. The easy-to-integrate API enables brokers to grow their clientele by digitizing the application process, expediting insurance purchase flow, and creating customized user experiences. Several national brokerages are already in the process of building their own digital management liability offerings on top of Counterpart’s APIs, with many others queued to join throughout 2022.
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