Matic intends to make investments in improving products to streamline the insurance purchase experience. Credit: Olivier Le Moal/Shutterstock.com.

Insurtech company Matic has secured $20m of funding in its Series B extension round to bolster its carrier network and product portfolio.

The latest investment round, which was jointly led by IA Capital Group and Cultivation Capital, includes $17m in Series B equity.

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The round was joined by the company’s existing investors as well as several new investors such as Intuit Ventures, TruStage Ventures and Assurity Ventures.

At the same time, Matic also increased its credit facility by $3m, bringing new liquidity to $20m.

The funding will be used by the insurer to bolster its position as the embedded property and casualty insurance (P&C) provider for mortgage and banking companies, as well as to expedite collaborations.

Matic noted that it will also use the funds to improve products and streamline the insurance purchase experience via digital and agent-based channels.

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To tackle various changes in carrier appetites owing to severe weather incidents and maintain coverage across the US, the insurer will expand its carrier marketplace.

Apart from P&C insurance, Matic intends to enter the life insurance space to provide complete coverage offerings based on the clientele of its partners.

Matic CEO and co-founder Ben Madick said: “The commitment from new and existing investors demonstrates Matic’s sustainable business model that thrives in all markets through partner-led growth.

“We are thrilled to partner with Intuit Ventures and be one of the first insurtechs joining their portfolio.

“This successful round is a testament to the hard work and dedication of the Matic team and I couldn’t be prouder of the business we have built together.”