Commercial insurance startup Coterie announced that it has closed on an oversubscribed $8.5 million round of Series A financing to continue its growth.
The round included investment from Ann Arbor, Mich.-based RPM Ventures and Carmel, Ind.-based Allos Ventures.
"As active investors in the Midwest, we know the leadership team at Coterie well and are excited to now be working alongside them," Allos Ventures Managing Director John McIlwraith said in a statement. "We love backing founders with both deep domain expertise and operating experience who are running after industry-changing ideas."
Western & Southern, Intercept Ventures, Frontier Ventures Capital and Sure Ventures also participated, along with several unnamed former executives from the property and casualty insurance industry.
Coterie was founded in 2018 and started selling its products in September 2019, TechCrunch reports. It offers general and professional liability insurance, along with business owners' policies.
The Cincinnati-based business said it would use the Series A capital to increase customer acquisitions and operations. In a blog post discussing the company's raise, Chief Strategy Officer Tim Metzner thanked more than a half-dozen members of Cincinnati's tech ecosystem for supporting Coterie through the process.
Coterie previously secured around $3.15 million in capital in another round of financing. The company has now raised approximately $11.65 million to date.
"We're incredibly fortunate to partner with such great investors to push the commercial insurance space forward," Coterie Co-Founder and CEO David McFarland said in a statement. "As a team, we're all excited about the opportunities we're seeing. This raise will enable us to bring many of those to fruition."
