A Greater Cincinnati insurance technology startup keeps adding to its fundraising total.
Coterie Insurance has brought in an additional $11.5 million in Series A-1 funding, the Montgomery-based firm announced in a release. That brings the two-year-old company's fundraising total to $25 million.
The company's latest funding round was led by Toronto-based Intact Ventures, with participation from Los Angeles-based Alpha Edison and Lackawanna Insurance Group, a subsidiary of Indianapolis-based Group1001. The company's previous investors, including RPM Ventures and Allos Ventures, also participated, the release states.
"There is a growing need in the industry for fast and easy solutions and we're excited to provide that in the small business insurance space," CEO David McFarland said in a statement. "We've been extremely fortunate over the last year to bring on great people, partners, and investors who believe in what we're building."
Launched in 2018, Coterie uses technology to create and sell commercial insurance products and sell them. It partners with companies that make point of sale software so users of that software can quickly buy their insurance using that software rather than going to an agent.
Its technology enables it to charge customers based on their revenue. Those customers consist largely of freelancers and independent contractors, who often need insurance on a case-by-case basis, not all the time. If they’re not generating revenue, they don't need insurance.
It competes not with insurers as much as with companies and contractors who are self-insured, deciding to go it alone rather than buy insurance.
"By either embedding its coverage options directly into the platforms that businesses already operate within, or by offering seamless binding capabilities to traditional agencies, Coterie helps out small business owners who need simple, timely, and affordable insurance coverage," Karim Hirji, managing director of Intact Ventures, said in a statement.
