Newest insurtech unicorn seeks to unlock growth and scale in insurance
Denver-based start-up AgentSync has secured $75 million Series B funding at a $1.2 billion valuation, making it the first insurtech SaaS unicorn focused on building infrastructure for the $1.3 trillion US insurance market.
Led by Valor Equity Partners with participation from Craft Ventures, Tiger Global, Atreides Management, Anthemis, and existing investors, the Series B brings the total raised to date to $111.1 million.
AgentSync provides insurance companies with a producer management platform that reduces friction, increases efficiency, and maintains compliance, ultimately helping to improve the broker onboarding, contracting, licensing, and compliance processes. It was founded with the ambition to unlock growth and scale within the insurance industry. Its customers include Tokio Marine, GPM Life, Newfront, Baldwin Risk Partners, HUB, Beam Dental, and Rippling.
The company plans to use its new funds to fuel product development for existing and new solutions including its producer management platform to brokers, MGAs and carriers.
"The overwhelming industry enthusiasm and customer traction for AgentSync make it clear that the future of insurance distribution will be powered by AgentSync," said Antonio Gracias, CEO of Valor Equity Partners.
"I've been a believer in the need for a better licensing and compliance product ever since Niji worked on a similar idea at Zenefits, when I served as a board member as part of the turnaround. Since launching AgentSync, Niji, Jenn, and the team have proven that there is a much larger market to serve that goes beyond licensing compliance. The products they're building upstream and downstream of the core AgentSync producer management solution position the company as the clear leader, and I look forward to supporting the team as they continue to grow."
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