Joshu, a U.S,-basd insurtech, announced on Tuesday it raised $3.7 million through its seed funding round, which was led by Blumberg Capital with participation from Engineering Capital, Correlation Ventures, Innovation Endeavors, and Sure Ventures.
Founded in 2020, Joshu’s solution offers insurance carriers and managing general agents (MGAs) a full suite of digital tools needed to bring their commercial insurance business online.
“Carriers and MGAs utilize Joshu’s platform to sell insurance through various distribution channels and underwrite insurance automatically.”
Joshu also noted that its solution is designed with insurance professionals’ specific needs in mind, enabling them to quickly and independently set up insurance products online, including application forms, rating rules, complete quote and policy document generators, online store administration, reporting, and integration functionality. The flexible platform allows insurance professionals to offer clients an excellent online experience and easily calibrate and improve their products as needed. Roy Mill, co-founder and CEO, Joshu, also shared that he and co-founder Shimi Bornstein and I had experienced first-hand the challenges of selling insurance online.
“We also saw where software can become an enabler and the immense opportunity for digital transformation within the commercial insurance industry at large. We believe insurance professionals deserve world class tools and platforms to sell their products online and our solution empowers insurance carriers to reimagine how they develop and sell commercial insurance in the digital age.”
Joshu will be using the funds to continue the development of its platform and the growth of its team.