“Digital insurance agency” Glow has raised $22.5 million in Series A funding. The round was led by Cota Capital, with AV8 Ventures, Markd, Startup Venture Capital, Maiden Re, and more participating in the round.
Glow is an Insurtech that aims to automate the insurance process for SMEs. The funding will be used to expand its services across more states and build out its platform.
Glow CEO Samad Wahedi said their goal is to take care of the insurance needs of small businesses.
“If you’re a small bakery, you want to know that your employees and your assets are safe but your focus is baking. At the same time, insurance comes out of your margins. Overpaying can mean a lot of cupcakes. We use data and cutting-edge technology to make sure you’re always protected with the right coverage so you can focus on building your business.”
Investor Ben Makla, Partner at Cota Capital, said that Glow is changing small business insurance.
“Small business insurance is a $100 billion market, and it’s underserved and underinsured. Glow’s approach has all the elements the industry needs to bring small businesses into the new era of digital insurance. It offers the platform small businesses are moving toward. It’s consolidated and convenient, and it helps the small business bottom line.”
Glow believes that traditional insurance providers have moved upmarket leaving smaller firms behind. Agents use a “blunt instrument approach” in providing insurance policies for these smaller firms.
Glow leverages tech to query data and more accurately reflect firm risk. This process hopes to provide a policy that is better aligned to the firms needs as well as having a lower price point.
Along with cost savings, Glow provides small businesses with a dedicated account manager who is a licensed insurance advisor that understands the company’s business.
Amir Kabir, Partner at AV8 Ventures, believes that Glow is building the next-generation digital insurance agency for SMEs.