Boston-based insurtech, Ledgebrook, has announced that it has raised $4.2M in seed funding to build out its operations with the goal of writing its first policies in Q4 of 2022.
The company plans to start by launching a broad-appetite E&S GL product to establish its value prop to wholesale brokers ahead of expanding via multiple additional product launches in 2023.
Gage Caligaris, Ledgebrook’s Founder and CEO, stated, “The E&S markets are ripe for disruption as brokers and customers aren’t well served by the slow, unsophisticated quoting processes of legacy players.”
“We’re building Ledgebrook specifically for the wholesale broker,” said Caligaris, hoping to bring the best in next-gen technology and service to a long-underserved sector of the insurance market.
Ledgebrook affirmed that that team holds a wealth of experience, with industry veterans that understand how the lack of automation, limited pricing sophistication and outdated technology platforms can be improved to create better quoting experiences for brokers and better rates for insureds.
The seed round was led by Brand Foundry Ventures, with participation from American Family Ventures and 15 angel investors. The startup’s seed funding will allow it to build out the team, technology, and operational infrastructure to launch its first product.
“Our team is thrilled to partner with Ledgebrook, they’re bringing innovation to E&S that the segment hasn’t seen before,” said Mike Mansell, Principal at American Family Ventures.
“By introducing the powerful combination of cutting-edge technology and deep insurance expertise to E&S, Ledgebrook is set to deliver a best-in-class experience. We’re thrilled to partner with the top-notch team at Ledgebrook as they modernize the E&S landscape.”
Brand Foundry partner and Ledgebrook board member, Brian Spaly, commented, “Team Ledgebrook has a big, bold vision & the tenacity to execute against it. I’m proud to be an early supporter–the sky’s the limit for how far they’ll go.”