Coterie is a Cincinnati-based insurtech MGA that enables independent agents and brokers to write instant small-business insurance across all 50 states and D.C. The company uses data-backed underwriting to deliver accurate pricing and a fast submission-to-bind experience. Led by CEO David McFarland, Coterie plans to use the $27M growth funding to expand its business reach. The round was led by Hiscox alongside existing investors Intact Ventures, Weatherford Capital and RPM Ventures, among others. Coterie has now raised over $102M in total funding and reported revenue growth of over 200% in 2023. In 2023 the company also expanded its reinsurance panel, adding two leading reinsurance markets rated A or better by S&P Global. Coterie Insurance is an insurtech company that enables quoting and binding of small-business insurance policies online. Led by Co-Founder and CEO David McFarland, the company offers APIs that let digital insurance platforms, agents and brokers streamline and digitize quoting and binding. Coterie combines insurance expertise with data analytics to simplify small-business coverage and the purchasing experience. The company intends to use new funds to expand operations and broaden its business reach. Financially, Coterie has raised a total of $75M to date since its 2018 founding, including the recent Series B. Coterie builds data-driven technology to simplify buying small-business insurance by integrating coverage into platforms and processes businesses already use. Its approach automates quoting, underwriting, and binding to deliver fast, accurate, and affordable coverage either embedded in partner platforms or via agents. Coterie has partnered with platforms such as Intuit QuickBooks and Thryv to enable embedded insurance purchases. The company has also launched solutions for independent agents and brokers and announced partnerships with Independent Market Solutions and First Connect to extend capabilities to thousands of agencies. Coterie reported strong company growth and recently closed an oversubscribed Series A-1 financing, bringing total funds raised to $25M. CEO and co-founder David McFarland emphasized the company’s goal of making business insurance simple and available where small businesses already operate. Coterie is a commercial insurance API provider that distributes general liability, professional liability, and business insurance via a B2B2C model, partnering with third-party sites. Established in 2018 and based in Cincinnati, the company operates with a team of 18 and also allows business shoppers to get quotes online. It competes in the same space as AP Intego and Thimble and has partnerships that include Homee. According to SimilarWeb and SEMRush the site does not enjoy substantial direct traffic, and the company emphasizes platform partnerships to acquire customers more cheaply than relying on paid search. The usefulness of Coterie’s API is tied to the carriers and products it links to. Financially, Coterie has raised a total of $11.65 million in venture funding to date after the latest $8.5 million Series A.

Total raised

$97M

Funding rounds

4

Latest round

Equity

Latest activity

Mar 2024