Embroker, a cloud-based risk and insurance management platform, announced on Tuesday that it has received $12.2 million during a Series A funding round, which was led by Canaan Partners with participation from Nyca Partners, XL Innovate, and Silicon Valley Bank. Prior investors Bee Partners, FinTech Collective, Vertical Venture Partners and 500 Startups also participated in the round. The company stated provides its own software, data and predictive analytics to help businesses purchase all types of commercial insurance.
Matt Miller, Embroker’s founder and CEO, stated:
“This industry has needed more transparency since its inception — now it’s possible to use technology to achieve that end. Getting the right insurance coverage at the right price is key to the health and success of every business but, until now, all but the largest corporations have relied on traditional insurance brokers and outdated, manual processes to make those critical business decisions. By bringing clarity and simplicity to what’s traditionally been an opaque and painful process, we’re enabling business owners to embrace insurance and risk management as tools for growth rather than obstacles.”
Brendan Dickinson, principal at Canaan Partners, commented:
“We’re proud to lead Embroker’s Series A. Embroker’s offering is one of the first to disrupt the $300 billion business insurance market, meeting the increasing demand for transparency in commercial insurance options. With its unique product offering, growing customer base and strategic long-term vision, Embroker is positioned to lead the charge in transforming the insurance market.”
Hans Morris of Nyca Partners, and the former president of Visa, added:
“Our research and experience shows how little most businesses understand about their risks and insurance needs, and yet almost every business spends meaningful amounts on insurance. We believe that Embroker’s vision of bringing clarity, transparency, and simplicity to insurance decisions will make it the core tool used by businesses of all sizes to buy insurance.”
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