This financial injection is expected to bolster the company’s existing capabilities in handling larger and more diverse risks. Credit: MT.PHOTOSTOCK / Shutterstock.

Tech-enabled wholesale insurance brokerage arqu, headquartered in San Francisco, California, US, has secured $10m funding in its Series A round, to fuel growth.

The company will channel the funds into expanding into new industry verticals while expediting product development.

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The latest investment round was spearheaded by Crosslink Capital, with contributions from Intact Ventures.

It was also backed by all current investors, including Foxe Capital, Lightspeed Venture Partners, and Nationwide Ventures.

This financial injection is expected to bolster arqu’s existing capabilities in handling larger and more diverse risks.

The broker is set to expand its reach beyond the construction sector, shortly targeting other sectors such as energy, real estate, and the environment. It looks to add more verticals next year. 

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arqu recently stated that it has enhanced its service offerings by introducing portfolio-level analytics for its broker teams.

This move allows for the analysis of complex risks, from national property portfolios to extensive loss schedules, enabling brokers to place risks with a higher degree of precision and insight.

Crosslink Capital general partner David Silverman said: “arqu is not just building a better wholesaler, it is redefining how wholesalers operate and create value by making data and technology central to its approach and maximising the potential of its brokers.”

Established in 2020, arqu aims to enhance the wholesale insurance brokerage landscape through its proprietary technology.

This technology is designed to maximise the potential of broker teams by equipping them with critical data and insights.

Currently collaborating with 20 of the country’s retail brokerages, arqu has recently executed its largest single placement, with premiums in the multi-million dollar range.

The company highlighted that it is now on course for its “largest productive quarter” to date.

arqu co-founder and CEO Chi Lee said: “We empower our broker teams with technology to provide unparalleled service to our retail brokerage customers and be the best pre-underwriting partners for our capacity providers.”