US-based Coterie Insurance has raised $50m in a Series B funding round led by Weatherford Capital.

The round also saw participation from RPM Ventures, Intact Ventures, Group 1001, and Alpha Edison.

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Coterie Insurance plans to use the latest infusion to expand its operations and transform the commercial insurance market for small and micro-businesses.

Founded in 2018, the insurer has raised $75 to date.

It uses data analytics to simplify small business insurance and aims to make commercial insurance more accessible for businesses.

Coterie Insurance co-founder and CEO David McFarland said: “Coterie is reimagining small commercial insurance and this latest round of funding skyrockets our ability to deliver the most robust solutions and streamlined processes for insurance agents, partners, and small businesses.

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“We are enabling small businesses to secure coverage through speed, simplicity and service so they can focus on what they actually care about, which is not insurance.”

Weatherford Capital managing partner Will Weatherford said: “We are excited to partner with Coterie Insurance as they create the future of small commercial insurance.

“We are confident in the team, as well as their vision to deliver the best technology and the best experience to small and micro business owners.”

In March 2020, the insurtech closed an oversubscribed Series A financing round totalling $8.5m.

Last month, Sureify, a software-as-a-service (SaaS) platform, focused on the life insurance and annuity industry, raised $15m in a Series C funding round.