Canopy Connect, a platform for collecting, verifying, and monitoring insurance information, has closed a $6.5 million Series A funding round.
The company will use the new capital to accelerate growth, increase product velocity, and build upon their success with the platform powering more than 3,500 companies across a broad range of verticals.
Moreover, Nevcaut Ventures led the round, with participation from Elefund, Nimble Partners, LocalGlobe, 9Yards Capital, Global FinTech Venture Partners, and more.
“There are so many use cases that can leverage our core insurance verification capabilities in lending, finance, insurtech, driver management, B2B verification, compliance and more,” said Tolga Tezel, founder and CEO at Canopy Connect.
“This infusion of cash enables us to expand our connected insurance capabilities and meet the needs of these markets.”
“The insurance world is in the midst of a profound digitization, Canopy Connect is a driving force, expediting this inevitable shift,” added Dan Quan, co-founder and general partner at Nevcaut Ventures.
“We’re excited to lead this round and support Canopy Connect’s innovative vision to transform and evolve the industry and everything it touches.”
“Knowing Tolga and his team’s vision, it was a no-brainer to continue investing in Canopy Connect. We continue to be impressed by how quickly they’ve built leading products for insurance agencies, auto lenders, and mortgage companies, and we are excited to see what breakthroughs they make as they expand into new verticals,” commented Serik Kaldykulov, managing partner at Elefund.
Throughout the last 18 months, Canopy Connect has witnessed increasing adoption within insurance carriers, embedded insurance companies, digital wallet apps, and other insurtech companies to remove friction from acquiring and verifying insurance information via API.
Additionally, the firm has also achieved success with auto lenders, mortgage companies, and loan servicers that use the platform for verifying insurance policies at origination as well as monitoring policies for loan servicing.
