Keeping our readers up-to-date on all the latest innovation and insurtech happenings in insurtech
May 1st funding news…
Veruna Nabs $6 Million In Series Funding For Future Growth
Boston-based InsurTech Veruna, , has completed a Series A funding round in which it raised $6 million in funding to help scale and expand its operations. Two prominent insurance carriers participated in the round.
“We are excited for the next chapter for Veruna,” stated Bob Scullin, CEO, Veruna. “The work we have completed over the past year or so has set the foundation for our next phase, which includes building brand awareness to drive new sales and expanding operations as we anticipate doubling our client base over the next year.”
Founded in 2015, Veruna is a cloud-based agency management platform for the independent agent, built on Salesforce. Since its launch in 2015, the company has won awards for its innovative platform including being named CIO Review’s “Top 20 Most Promising Insurance Technologies” of 2017 and two ACORD awards at ACORD 2017 for being an Organizational Leader in the industry.
With this latest investment, Veruna says the new funds will be used to fuel the next stage of expansion for the company. Agency Checklists profiled Veruna, who also happened to be its neighbor at the Big Event trade show, in November 2017. To read that article, please refer to “Veruna – Offering An Innovative Alternative To Agents Looking To Eschew Good Enough Insurance Technology.”
Shift Technology Lands $60 Million In C-Round
Shift Technology also recently announced that it has closed a C-round fund in which it raised $60 million, bringing the company’s total funding to $100 million. Founded in Paris in 2014, Shift Technology is a provider of AI-native solutions for the insurance industry. The company’s U.S. headquarters are based in Boston. This latest investment round was led by Bessemer Venture Partners and counted previous investors including Accel, General Catalyst and Iris Capital.
“We are thrilled to partner with the Shift team. They have built a powerful AI platform that is transforming the insurance market and we are confident that they are just getting started,” explained Charles Birnbaum, partner at Bessemer Venture Partners. “The Shift team has already had a great deal of success with carriers all over the world and we are excited to support their next phase of growth as they help their customers navigate the digital transformation that is now in full swing in this industry.”
The company says the funds will be used to support the company’s global presence, with particular emphasis in both the U.S. and Japanese markets. It will also fund the company’s R&D and new product development.
“I’m incredibly proud of what our team – with the support of an amazing board of directors – has been able to accomplish in a relatively short time,” stated Jeremy Jawish, CEO and co-founder, Shift Technology. “Our AI-native technology is helping the world’s leading insurance companies inject greater efficiency and accuracy into their systems. We’re supporting their digital transformation strategies and helping them improve customer satisfaction. We strongly believe that AI can benefit so many more aspects of the claims process and of the insurance policy lifecycle overall. With this investment, we’re well positioned for our next phase of growth and development.”