Reinsurance News

AgentSync raises $25mn through Series A funding round

10th March 2021 - Author: Katie Baker

AgentSync has raised $25 million in a Series A funding round, co-led by Elad Gil and David Sacks’ Craft Ventures, with participation from Marc Benioff, Caffeinated Capital, Operator Collective, and Nine Four Ventures.

This brings the company’s valuation to $220 million, ten times higher than when the company raised its seed funding in mid-2020.

The new funds will be used to accelerate product development as the company pursues its plan to develop new solutions to common pain points for producers and insurers.

Elad Gil, investor, entrepreneur, and operating executive commented: “I’m attracted to companies demonstrating the potential to transform back-office operations for massive industries, and AgentSync is doing exactly that. By tackling one of the most tedious, manual processes plaguing the insurance industry today, AgentSync is creating efficiencies for the entire market.”

David Sacks, co-founder and general partner of Craft Ventures said: “It’s rare to see a product like AgentSync that so clearly impacts revenue and has no competition. Automating licensing and compliance is just the first step of AgentSync’s ambitious road map.

Stratumn, by SIA Partners

“We see an opportunity for the company to expand vertically by adding certifications, recruiting, and territory management and to expand horizontally to serve any industry that requires certifications.”

John Albright, Chief Legal Officer of HUB International said: “Managing onboarding and compliance for over 6,000 insurance brokers is no small feat. There’s a definite need in the market for the type of end-to-end broker solution AgentSync is building.”

“Their core licensing and compliance product should create huge efficiencies for our broker licensing processes, and we’re excited to see what AgentSync’s new products will do to further improve operations across our teams.”

AgentSync co-founder and chief executive Niji Sabharwal added: “We’re solving for some of the most inefficient processes bogging down the trillion-dollar insurance market. Our core product is already creating positive change for our customers, and we’re excited to keep building for an industry that’s eager to adopt innovative, automated technology to work smarter, not harder.”

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