Capitola a commercial insurance digital platform that connects brokers and carriers and employs AI-based risk appetite matching to expedite the placement process, said today that it has raised $15.6 million in its Series A funding round.
This investment, led by Munich Re Ventures, will be used to expand Capitola’s platform, with a focus on its market intelligence capabilities, and to drive sales in the United States.
This round follows a $5 million Series Seed round in 2021 led by Lightspeed Venture Partners, who also participated in this round.We were immediately excited by Capitola’s goal to transform the commercial insurance distribution network as active investors in the Insurtech industry, said Yoni Cheifetz, Partner at Lightspeed.
As active Insurtech investors, we were immediately enthralled by Capitola’s vision to revolutionize the commercial insurance distribution network, stated Yoni Cheifetz, Partner at Lightspeed. We are confident that their strong team will be able to realize this ambitious vision.
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, said Mike Heffernan, president and CEO of Capitola based Heffernan Insurance. Capitola’s solution has impressed us with its ability to solve our brokers’ key pain points and increase the performance of our teams.
With simpler and streamlined placements, the Capitola productivity and market intelligence platform alters how broker teams work, saving time and eliminating errors.
The Capitola platform uses straightforward tools to organize and manage complicated, difficult-to-place, and multi-layered projects, as well as to develop customized client reports and bids utilizing automation features and to discover the correct markets using up-to-date, AI-driven market data.
Broker teams powered by Capitola can focus on what they do best: strengthening relationships, expanding their client base, and closing more deals, all of which contributes to growth and profitability.