AgentSync, a SaaS provider for the insurance industry, has raised $75m in a Series B funding round at a valuation of $1.2bn.

Valor Equity Partners led the funding round with participation from Craft Ventures, Tiger Global, Atreides Management, Anthemis, and returning investors.

The US-based firm offers distribution channel growth, producer management, and compliance solutions to the insurance industry.

AgentSync will use the proceeds for product development, enhancing capabilities for its producer management platform and expanding its product portfolio.

Valor Equity Partners CEO Antonio Gracias said: “The products they’re building upstream and downstream of the core AgentSync producer management solution position the company as the clear leader, and I look forward to supporting the team as they continue to grow.”

As part of its expansion plans, the firm also plans to double its headcount at 200 by the end of 2022.

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AgentSync CEO and co-founder Niji Sabharwal said: “This is an exciting milestone for AgentSync, but in many ways is just the beginning. With more modern, tech-powered infrastructure powering the back-office, the entire insurance industry will run more efficiently. Our hope is that insurtech infrastructure companies like AgentSync will fuel the next wave of innovation across every facet of the insurance industry.”

AgentSync counts Tokio Marine, GPM Life, Newfront, Baldwin Risk Partners, HUB, Beam Dental, and Rippling.

The insurtech has raised $111.1m in funding since its inception in 2018. In March this year, AgentSync secured $25m in Series A funding at a $220m valuation.