Led · Equity · Mar 2024

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.

Participated · Series A · May 2020

Bikmo provides comprehensive insurance cover for bikes, gear and cyclists across the UK, Ireland, Germany and Austria. The company operates a remote team of 55 people spanning 10 countries. Its core product is consumer and commercial insurance for cyclists and bike businesses, and it is expanding its commercial insurance offerings. Bikmo announced several new partnerships with Cycling UK, the ACT and Trek. The company has also set up a Manchester office to expand its presence in the North. Recent leadership additions include Ben Thompson as Chief Growth Officer and Gemma Germains as Chief Experience Officer, and Steven Mendel was appointed Chair subject to FCA approval. The business says it will use new funding to accelerate growth across Europe and secure further partnerships. Bikmo is a UK specialist bike insurer that protects over 75,000 riders across the UK, Ireland, Germany and Austria. The company offers individual and commercial insurance, including cover for partners such as Deliveroo, and provides add-ons like legal protection and breakdown assistance. Bikmo's newly developed API technology enables embedded insurance solutions through retail, manufacturing and other partners to integrate insurance into customer journeys. This API is designed to maximise conversions by allowing insurance to be purchased as part of another product or service transaction. The company plans to use the funding to accelerate growth in the UK and Europe, investing in people and technology to support its rider base and partners. Bikmo is positioning for expansion across European markets while continuing to support its existing customers and commercial clients. Bikmo is an award-winning adventure sports and cycle insurance provider founded in 2014. It uses innovative technology to offer comprehensive cover for riders, bikes and equipment on road and trail. The company supports over 15,000 active policy holders and employs a team of around 30 staff. Bikmo has offices in Innsbruck, Austria, and plans to relocate its UK head office to Flintshire when COVID-19 restrictions allow. The £1.8m Series A will be used to support global growth, including increased investment in the UK, Ireland, Germany and Austria. Part of the Development Bank of Wales support includes a £1m equity and loan package enabling Bikmo to move into new premises in Flintshire.

Led · Series D · Feb 2019

CoverHound operates a digital P&C insurance distribution platform for consumers and businesses, enabling customers to compare and buy policies from multiple U.S. carriers. Led by CEO Keith Moore, the company also operates CyberPolicy, a subsidiary focused on cyber insurance for SMBs. CoverHound has sold more than 200,000 policies since launch and has raised over $112M in total capital. The company partners with major carriers including Chubb, Hiscox, Progressive, Liberty Mutual, biBERK, Safeco, Nationwide, Mercury and Hartford Steam Boiler. Recent commercial activity includes CyberPolicy providing cyber options through Progressive and a May 2018 partnership with Hiscox to offer cyber insurance. CoverHound plans to continue developing CyberPolicy, expand offices beyond San Francisco and Westlake Village to Charlotte, NC, and grow internationally into Japan and other markets while strengthening partnerships with banks, large insurers and technology providers. CoverHound operates a vertical marketplace that lets consumers search for, compare and buy auto and property insurance through its own site and via Google’s insurance search. Unlike some aggregators, CoverHound offers fulfilment — aftercare and claims processing — which the company says generates an additional revenue stream equal to roughly 7–15% of the premium. The company has sold 50,000 policies in the last two years and grew 170% in the prior 12 months. Its core portal and auto insurance sales remain the biggest business drivers while the firm expands its comparison engine into other distribution partners. CoverHound is extending into business insurance for startups via partnerships with accelerators and incubators, with AngelPad named as the first partner. The company currently works with about 30 carriers in auto, home and umbrella insurance and plans to add several more. CoverHound operates an online platform that lets consumers get personalized quotes and quickly buy auto, homeowners, renters and motorcycle insurance from 21 carriers (17 focused on auto). Led by CEO Keith Moore, the company employs licensed insurance agents who assist customers and supports an insurance agency operations center in Southern California. Since launching in June 2012, CoverHound has sold more than 26,000 policies. The company plans to hire additional engineers in its San Francisco office and expand staff for its agency operations. CoverHound intends to use its new funding to grow carrier relationships and integrate with large marketing partnerships, including Google Compare, which is launching in select states in the months ahead. To date the company has raised over $20M in funding. CoverHound is a San Francisco–based startup that provides an online comparison-shopping platform and acts as an independent insurance agency for consumers. The platform surfaces instant, personalized rates from carriers like Travelers, GMAC, Safeco and Progressive and enables users to buy and manage policies directly. It offers ongoing service through an in-house team of insurance professionals who monitor and adapt policies, and it also provides a B2B2C “Storefront” product banks can embed via a snippet of code. The company has expanded into over 30 U.S. states and reports policies sold through the platform growing by over 60% month-over-month. CoverHound has begun adding homeowners and motorcycle insurance and plans to build support for other personal insurance products while pursuing brand partnerships and nationwide expansion. The startup declined to share detailed monetization figures beyond the customary percentage-of-premium agent payments. CoverHound is a car insurance comparison service based in San Francisco, CA. Led by CEO Basil Enan and launched one year earlier by a team of insurance industry veterans, the company operates in private beta. Its platform lets consumers calculate their personal insurance needs and receive objective, accurate and actionable comparison rates from top providers. CoverHound provides research and comparison-shopping tools to help users evaluate insurance options. The company intends to use the seed funding to accelerate growth of its engineering, marketing and sales teams and to continue building consumer awareness for the service.

Participated · Seed · Nov 2016

Indio Technologies builds a workflow management platform that provides web-based solutions to streamline the business insurance application process for agencies and brokerages. Founded in 2016 by Adam Bratt and Mike Furlong and based in San Francisco, the company serves over 250 insurance brokerages that process thousands of business clients through the Indio platform each month. Indio has raised more than $30 million in total funding and has over 50 employees. The company plans to use the newly raised capital to continue expanding operations and broaden its business reach. Recent hires include Mark Costigan as VP of Finance and Scott Bordenave as Head of Talent Acquisition. The platform aims to improve client experience and increase efficiency for insurance agencies. Indio Technologies provides a management software platform for property and casualty insurance providers to help brokers win more business, improve retention and save time. The platform digitizes and unifies the entire data collection process, enabling brokers to deliver a fully digital client experience. The company plans to use the new funds to enhance and streamline the underwriting process. Indio was founded in 2016 by Michael Furlong, Adam Bratt and Matt Watson and is based in San Francisco, CA. Financially, the company has raised over $8 million in venture financing from investors including 8VC, NEA and Merus Capital. The recent transaction is a minority investment from NFP Ventures. Indio provides a web-based workflow management platform that moves paper-driven commercial insurance processes online, enabling brokers and agents to collect application and renewal data digitally. Its tools streamline workflows and free insurance professionals from routine tasks so they can focus on client-facing activities and complex risk management. The company has seen strong industry reception and aims to expand the capabilities of its digital platform and increase market share. Indio says its platform improves customer experience and operational efficiency for commercial insurance agencies across the U.S. The company was founded in 2016 and is based in San Francisco. Financially, Indio has raised venture financing totaling $8 million to date. Indio provides traditional brokers with a workflow management platform that automates the manual processes of retrieving quotes from different carriers and processing insurance applications from clients. The platform reduces the operational overhead required to run an insurance agency and allows brokers to focus on sales and relationship management. The company is based in San Francisco and was founded by Paul Butler, Michael Furlong and Matthew Watson. Indio secured $2M in seed financing to support growth. Investors in the round included New Enterprise Associates, Compound, Merus Capital, 500 Startups and insurance carrier Hiscox. The company intends to use the funds to grow its user base and platform.

Participated · Seed · Jun 2016

Bunker offers a free digital platform that serves enterprises, suppliers and independent contractors with business insurance. The company launched a contract-related insurance marketplace that identifies small-business insurance buyers prior to search or social clicks and delivers relevant policies at the moment they are needed. Bunker operates through its wholly owned subsidiary, Bunker Protect, Inc., and is a licensed insurance broker in all 50 states. Founded in 2015 and led by CEO Chad Nitschke, the company maintains a second office in Madison, WI. Bunker intends to use its recent funding to expand operations. Bunker operates a contract-related insurance marketplace aimed at improving the insurance experience for small businesses and firms using contingent staffing models in the gig economy. The company is developing its first product and intends to launch it this summer using recently raised capital. Bunker raised $2M in seed funding to support the product launch and early operations. The seed round was co-led by Comcast Ventures and Route 66 Ventures, with participation from Hiscox and American Family Ventures. The company was co-founded by Dan Feidt, Steve Giddens, and Chad Nitschke. Bunker is based in San Francisco and also maintains a second office in Madison, Wisconsin.