Briza, a U.S.-based commercial insurance-as-a-service API provider, recently announced it secured $8 million through its Series A funding round, which was led by Investment Group of Santa Barbara with participation from 500 Startups.
Founded in 2016, Briza claims it is enabling the commercial insurance industry’s digital distribution evolution.
“For agencies, we are an easy-to-use multi-carrier portal that will help you deliver commercial insurance to small business clients in minutes, not hours or days. Make small commercial policies profitable for your agency. For carriers, our platform acts as a marketplace for automated underwriting models, allowing insurers to bring their products to the world in digital form quickly and cheaply. Our mission is to connect insurance to the world.”
Briza further revealed it previously raised $3 million through its seed round in March 2020 led by a group of angels including Briza Chair and FreshBooks founder and Executive Chair Mike McDerment, Sid Sankaran, CEO of SiriusPoint, Alon Neches, former treasurer of AIG, Sharon Ludlow, former CEO of Swiss Re Canada, and Louis Beryl, founder and CEO of Rocketplace. The Series A funding round brings Briza’s total funding to date to $11 million. Speaking about the platform, Rishi Sharma, CTO at Briza, stated:
“Imagine a future when insurance carriers can seamlessly embed their products in online banking, accounting, or wealth management platforms. The emerging ‘embedded finance’ movement offers one of the most compelling digital growth opportunities to legacy financial institutions such as insurance agents and carriers. By easily translating the quoting, binding, and payment experience, Briza seeks to allow insurance companies rapid, low-cost functionality into adjacent platforms, and likewise enable any brand or merchant to integrate innovative risk and protection services into their digital storefront.”
Briza is planning to use the funding to continue the growth and development of its platform and team.