Atlanta-based insurtech Layr has raised a Series A round of $10 million.
The funding will be used to double its staff, grow the company’s customer base among insurance agents and brokers and enhance its technology.
Hudson Structured Capital Management Ltd. led the round with participation from Maschmeyer Group Ventures, Sandbox Industries, Flyover Capital and Hannover Digital Investments GmbH.
Other insurtechs that contributed to the round included The Plexus Groupe, IMA Financial Group Inc., Holmes Murphy & Associates, The Partners Group, The Graham Agency, and BrokerTech Ventures.
Layr is an AI cloud platform that helps small businesses have greater access to the insurance market and quickly assess and select their insurance coverage.
The new funding brings Layr’s total investments to $15 million. The company declined to disclose its valuation.
In July of 2020, the company raised $5 million in a Seed round led by Sandbox Insurtech. That funding was largely used to expand its machine learning technology and scale the company.
The company currently has over 50 employees with more than 30 of them in the greater Atlanta area.
With this funding, Layr plans to add at least another 50 employees to their staff with positions spanning customer service, sales, product and engineering. According to Cole Radcliff, growth marketing manager of Layr, most if not all of those hires will be in Atlanta.
“We want Atlanta to continue to be recognized as a technology hub rivaling those of Austin, Boulder, Boston, etc.,” Radcliff stated in an email.
Layr will also leverage the funding to improve its product by integrating other insurance and insurtech solutions so that agency and brokerage partners can deliver their specific experience to customers without having to write a line of code.
According to Radcliff, it looks to onboard over 50 new customers and clients by giving its customer service team increased bandwidth to improve processes and more facetime with partners and customers.
The company has not decided whether the move will lead it to change the locations of its headquarters.
Layr is an ATDC Signature portfolio company. In 2019, it was chosen as one of Atlanta Inno’s 20 Startups to Watch in 2020.
