Denver, Colorado-based insurtech AgentSync has raised $25m in a Series A funding round co-led by Elad Gil and David Sacks’ Craft Ventures, taking its valuation to $220m.
Marc Benioff, Caffeinated Capital, Operator Collective, as well as Nine Four Ventures also joined the round.
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The latest valuation is ten times more than the time when it secured its seed investment in the middle of last year. AgentSync plans to utilise the fresh infusion to ramp up product development.
AgentSync co-founder and CEO Niji Sabharwal said: “We’re solving for some of the most inefficient processes bogging down the trillion-dollar insurance market.
“Our core product is already creating positive change for our customers, and we’re excited to keep building for an industry that’s eager to adopt innovative, automated technology to work smarter, not harder.”
The insurtech’s first offering, AgentSync Manage, leverages automation and technology for producer management and licensing compliance. It is built on the Salesforce platform and offers direct integration with NIPR (National Insurance Producer Registry), helping carriers, agencies, and MGAs to grow and scale.
The client list of AgentSync includes Hippo Insurance, Lemonade, Hub International, Embroker, iptiQ (a Swiss Re unit), Beam Dental, Centene, as well as Rippling.
Currently, the firm is building a producer management solution.
Sacks stated: “Automating licensing and compliance is just the first step of AgentSync’s ambitious road map.
“We see an opportunity for the company to expand vertically by adding certifications, recruiting, and territory management and to expand horizontally to serve any industry that requires certifications.”
Last month, InsurePay – another US-based insurtech – which offers Pay-As-You-Go (PayGo) workers’ compensation billing, concluded a $5m Series A financing round to speed up its growth.
