Commercial insurtech Bold Penguin raises $32m Series B led by HSCM, Lockton

US-based commercial insurance technology company Bold Penguin has secured $32 million Series B funding led by Hudson Structured Capital Management (HSCM), Lightstone, Guggenheim Insurance, Lockton, existing investors and individuals from Stone Point Capital.

The latest funding round brings the total capital raised to date over $50 million.

The company will use the additional capital to accelerate growth in engineering. It plans to deliver on platform enhancements, which include more flexibility in how the core technology is leveraged by enterprise customers, and expanding in excess and surplus (E&S) lines.

"The commercial insurance space is a fantastic area of insurance that welcomes an upgrade," said Ilya Bodner founder and CEO of Bold Penguin. "Having support from not only the industry but also the investment community to help fix the problems from within is very exciting in this next chapter of our company."

Ben Clarke CTO and co-founder of Bold Penguin, said: "We're thrilled to partner with our investors as we build out the next generation of commercial insurance products and features. Building a technology company from the ground right here in Columbus Ohio has been great for us and the region."

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