Insurtech company Joyn Insurance has announced it exceeded its target with a $17.7 million Series A funding round led by OMERS Ventures, with participation from SiriusPoint, ManchesterStory, Cohen Circle, Avanta Ventures and several other private investors.
Joyn launched in July of 2021, announcing a key partnership and investment agreement with the aforementioned specialty re/insurer SiriusPoint, as it laid out plans to transform small and mid-market US commercial insurance using digital technology, data analytics, and automation.
Since entering the market, Joyn has bound more than 500 policies with approximately 80 trading partners, covering more than 300 insureds.
Now, the insurtech offers E&S coverage for property, general liability and excess for companies across more than 700 NAICS codes in 36 states and Washington, D.C.
The firm states that the new round brings its total funding raised to more than $30 million, adding that this boost will go towards significantly expanding the size of Joyn’s team alongside enhancing its technology platform and data capabilities.
Joyn CEO, Seraina Macia, commented, “This funding will allow us to further build and expand so we can continue providing a best-in-class insurance experience in the market.
“Many brokers are already seeing that we can deliver on what we were built to do, and with our broad E&S appetite for small to mid-sized property and general liability risks, we look forward to adding more trading partner relationships in the near future.”
David Wechsler at OMERS Ventures, said, “We invested in Joyn because we saw the results that they are already delivering and the tremendous potential for their future growth in the super-hot E&S space.”
“As we were doing our diligence while evaluating this opportunity, I was particularly struck by the broker feedback I received from those who had worked with Joyn.”
“Despite a high bar for admitted products, the E&S quote and bind experience at many companies is still largely done by pen and paper, and the brokers we talked to have been stunned at how Joyn addresses these longstanding inefficiencies.
“We couldn’t be more proud to back this world-class team as they disrupt the fastest-growing sector of commercial insurance.”
TigerRisk Capital Markets & Advisory acted as financial advisor to SiriusPoint in the transaction.