US-based insurtech platform Joyn Insurance has raised $17.7m in a Series A funding round led by OMERS Venture.
Along with numerous other private investors, the round saw participation from Avanta Ventures, ManchesterStory, Cohen Circle, and SiriusPoint.
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Launched in July 2021, Joyn Insurance is a managing general agency (MGA) that underwrites commercial insurance policies with a focus on the small and middle markets.
The insurtech stated that it leverages data and technology to offer accurate and transparent services while saving time and cost.
With the latest funding, which takes the total funds raised by the firm to over $30m, Joyn plans to enhance its technology platform and data capabilities.
By the end of 2023, the insurtech also plans to ‘significantly’ expand the size of its team.
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By GlobalDataCurrently, Joyn provides E&S protection for excess, general liability, and property for businesses in more than 700 NAICS codes throughout 36 US states and Washington, DC.
OMERS Ventures principal David Wechsler said: “We invested in Joyn because we saw the results that they are already delivering and the tremendous potential for their future growth in the super-hot E&S space.
“Despite a high bar for admitted products, the E&S quote and bind experience at many companies is still largely done by pen and paper, and the brokers we talked to have been stunned at how Joyn addresses these longstanding inefficiencies.”
Joyn CEO Seraina Macia said: “This funding will allow us to further build and expand so we can continue providing a best-in-class insurance experience in the market.
“Many brokers are already seeing that we can deliver on what we were built to do, and with our broad E&S appetite for small to mid-sized property and general liability risks, we look forward to adding more trading partner relationships in the near future.”
