Capitola, a digital marketplace for commercial insurance, has raised $15.6 million in its Series A funding round led by Munich Re Ventures, along with Lightspeed Venture Partners.
Capitola states that the funding will be used to grow its platform and accelerate sales in the U.S.
This round adds to a $5M Series Seed raised in 2021 that was led by the aforementioned Lightspeed Venture Partners.
Sivan Iram, Capitola’s co-founder and CEO, commented, “The insurance industry has seen many technological advancements over the years, but very little attention has been given to the insurance professionals and the tools they use.
“Capitola’s mission is to help insurance professionals deliver exceptional client service and coverage. Our platform brings together brokers and underwriters, removing many of the operational inefficiencies around manual processes and repetitive tasks to allow them to focus on what they do best.
“We’re thrilled to have the support of Munich Re Ventures, Lightspeed, and our other investors as we continue to grow our team, develop innovative solutions and expand our impact on the insurance industry.”
Oshri Kaplan, managing director at Munich Re Ventures, said, “The U.S. specialty risk market has grown exponentially over the last few decades and would benefit from a digital marketplace that streamlines processes and expands the option for insurance placement.
“We are excited by Capitola’s approach to this opportunity and are thrilled to support their journey.”
Yoni Cheifetz, Partner at Lightspeed, added, “As active investors in the Insurtech space, we were immediately excited by Capitola’s vision to revolutionize the commercial insurance distribution network. “We truly believe their strong team can realize this ambitious vision.”
Capitola suggests that with its smart placement and market intelligence platform, companies can now transform how broker teams work.
The firm notes that the platform saves time and increases productivity with streamlined workflows, while also providing smart market recommendations based on AI (artificial intelligence) driven risk appetite matching.
It also organises and manages hard-to-place risk and multi-layered programs with intuitive tools, and creates advanced client reports and proposals using customised templates.
Mike Heffernan, president and CEO at Heffernan Insurance, a Capitola customer, said, “Our broker teams are at the heart of our organization and it’s a priority for us to provide them with the tools that would make them more productive and happier.
“Capitola’s solution has impressed us with its ability to solve our brokers’ key pain points and increase the performance of our teams.”