US-based wholesale insurance coverage brokerage QuoteWell has secured an extra $12m in funding, rising its complete capital raised to $32m.
The funding spherical was led by New Enterprise Associates, a US-based enterprise capital agency investing in expertise and healthcare firms.
Different members embody Model Foundry Ventures, ClockTower Ventures, Goldcrest Capital, Floating Level and different strategic angel buyers.
The financing spherical goals to broaden the corporate’s producer footprint and improve its proprietary AI-driven platform.
Model Foundry Ventures normal accomplice Brian Spaly stated: “At Model Foundry, we see insurance coverage as an enormous market that has but to learn from the identical stage of innovation and use of expertise as different sectors.
“We take satisfaction in backing the perfect founders in Austin, and we imagine QuoteWell is considered one of our metropolis’s standout start-ups.”
QuoteWell plans to make use of the brand new funds to speed up development in key markets, significantly within the south-east and West Coast areas.
The corporate can also be centered on advancing its analysis and growth efforts, particularly in AI-driven automation, to assist its operational technique.
QuoteWell founder and CEO Joey Bouchard stated: “Now we have constantly centered on constructing a platform that empowers producers to be extra environment friendly and efficient, and this new funding will enable us to double down on that technique.
“Our potential to seamlessly fuse the perfect of expertise and human experience is what units us aside.
“I don’t imagine many gamers throughout the insurance coverage ecosystem have managed to really apply AI in significant methods to unlock actual leverage with their expertise pool. I imagine now we have cracked that.”
QuoteWell operates as a wholesale insurance coverage brokerage specialising in advanced business dangers inside the non-admitted insurance coverage market.
The corporate, serving the development, power, actual property and manufacturing sectors, combines insurance coverage experience with technology-enabled workflows.
Final yr, QuoteWell partnered with Ascend, a complete accounting operations platform for insurance coverage, to reinforce managing normal agent accounting and funds workflows.
