Coterie, a U.S.-based commercial insurtech, recently announced it secured $8.5 million through its Series A funding round, which was led by RPM Ventures with participation from Allos Ventues, Western & Southern, Intercept Ventures, Frontier Venture Capital, and Sure Ventures. The company previously raised $3.15 million. The latest investment brings the company’s total venture funding to $11.65 million.
Founded in 2018, Coterie offers API-based commercial insurance for “today’s workforce.” The company claims that it works through the tools users already use to make buying, changing, and renewing insurance easy, as well as time and money-saving.
“Coterie was founded to modernize commercial insurance. The way business gets done is rapidly evolving, but insurance to protect those businesses, isn’t. Coterie is changing that by providing new insurance products, sold in new ways, through new technology.”
Speaking about the investment, David McFarland, Founder and CEO of Coterie, stated:
“We’re incredibly fortunate to partner with such great investors to push the commercial insurance space forward. Their experience in the insurance, freelance, and B2B2C space is going to be highly beneficial as we expand. As a team, we’re all excited about the opportunities we’re seeing. This raise will enable us to bring many of those to fruition.”
Coterie is planning to use the Series A funds to focus on customer acquisition and operations.