Pathpoint, a digital Excess & Surplus (E&S) insurance distributor, has raised $30m in a Series A round of funding, which was led by Caffeinated Capital.
The round was also joined by the company’s existing investors such as SciFi VC, Founders Fund, and Chubb.
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The round also saw participation from Hiscox and few other insurance firms, the company said in its press statement.
The proceeds from the round, which is the third since the firm’s inception, will be used for investing in software engineering, R&D and in growing and scaling distribution.
Pathpoint co-founder and CEO Alex Bargmann said: “More and more business has been conducted through the E&S market in recent years, yet it’s one of the key segments of commercial insurance that has not been effectively digitized in any meaningful way.
“Pathpoint gives retail agents what they’ve long deserved: a fast and transparent way to access, bind, and service E&S products online. I feel privileged that we have the capital and carrier support to bring digital distribution to this market.”
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By GlobalDataFounded in 2020, Pathpoint offers retail agents P&C and professional lines products from 10 top-rated carriers through its online platform.
As a surplus lines brokerage licensed across the US and a coverholder at Lloyd’s of London, Pathpoint distributes admitted and non-admitted products across multiple lines of business to US-based retail agents.
