Following a move from the Bay Area earlier this year, Denver-based insurtech startup AgentSync announced a $6.7 million seed extension round on Dec. 2 to grow its team and build out its product.
The company is modernizing the tools and infrastructure powering the insurance industry, aiming to increase efficiency and reduce the barriers to entry for insurtech firms. AgentSync's first product, a platform for insurance carriers and insurance agencies to track insurance broker licensing data, is a compliance-as-a-service solution.
David Sacks' Craft Ventures led the round, with participation from Operator Collective and several prior investors. This round comes shortly after AgentSync raised a $4.4 million seed round this summer.
Co-founder Niranjan Sabharwal said increased demand led AgentSync to go back out for funding and accelerate its timeline.
“We had a really great last four months and decided we can scale this thing even further and pulled a lot of the hires we were planning for next year into this year. And we wanted a little extra cash to do it,” he said.
The two-year-old startup has seen tenfold revenue growth in the past year, and growth of 400% since the beginning of the pandemic.
The capital will be used to grow the team and focus on product development as the company builds new solutions that create operational efficiencies and reduce compliance risk.
Sabharwal founded the company with his wife, Jenn Knight, in San Francisco in 2018 and recently relocated to Denver. The duo considered a handful of cities before landing on Denver.
“We were looking at a few different cities and fell in love with Denver for a few different reasons, but the biggest one was talent,” he said. “There’s so much great talent out here and the type of talent we’re really excited to invest in and we feel like will be with us for the long haul.”
The company has 31 employees and expects to nearly double that in 2021, with most of the hires being focused on the Mile High City.
