May 17, 2016
Announcing Embroker’s Series A Fundraise
Our goal at Embroker is to fundamentally improve the way that insurance works for businesses.
We believe that insurance is critical to the success of any business, and that intelligent risk management is the foundation that allows for commercial growth. Unfortunately, the industry long ago lost touch with this concept. Rather than strive to create innovative products that companies can easily understand and see value in, the insurance industry has been content with the status quo, accepting outdated, manual processes and in fact profiting from the inertia these painful processes create, as well as from the lack of transparency that results from them. This is exactly what we aim to change.
It’s a big vision, and an important one for our economy to function and grow. Today, we’re proud to announce that we’ve raised $12.2M in a Series A financing to achieve this goal. The round is led by Canaan Partners, with participation from Nyca Partners, and XL Innovate, all of whom are amongst the leading fintech and insurtech investors in the world. We’re also pleased to announce the continued support of our early investors, Bee Partners, FinTech Collective, Vertical Venture Partners, and 500 Startups.
In our first year, we’ve built what is already the best product in the industry, and the best team as well. We’ve grown our customer base from a few early adopters to a growing number of companies of all different sizes and across all industries. But we’re only getting started, and, in many ways, the real work ahead of us begins now.
This summer we’ll dramatically grow the user base of our beta product, and bring our vision of the way insurance should work to companies across the entire country. We’re adding an entire suite of innovative features based on the feedback that we’ve received from our early users. We’re going to selectively grow the number of carriers we’re working with, and improve the industry-leading integrations we’re building with current partners.
It’s a huge task, but one we’re now prepared to pursue single-mindedly, never wavering in our vision of building the first product ever that makes insurance work better for all kind of businesses, from tech startups to trailer parks. As each obstacle recedes into the past, the refrain of ‘it’s never been done before’ becomes less a barrier and more a rallying cry.
As we enter the next phase of our journey, we want to thank all of those who have supported us thus far, and pledge to keep working with maniacal focus on behalf of our customers, with the knowledge that only by making their lives better can we realize the goal that we’ve set for ourselves.
If you need more help or information to intelligently insure your business, you can reach out to our team of expert brokers. Or, if you prefer to get started on intelligent quotes, create your Embroker account today.