Since moving to Denver in early 2020 from the Bay Area, insurtech startup AgentSync has had explosive growth.
The company, co-founded by husband and wife duo Niranjan Sabharwal and Jenn Knight, originally relocated to the Mile High City in search of available talent.
AgentSync has held true to that mission by growing its team to more than 50 employees, with nearly 80% based in Denver, in less than a year.
Now, as the company sees increased demand for its insurance tools, it has brought on a large round of funding to accelerate hiring.
AgentSync today announced a $25 million Series A co-led by Elad Gil and David Sacks' Craft Ventures, with participation from Marc Benioff, Caffeinated Capital, Operator Collective and Nine Four Ventures.
This brings the company's valuation to $220 million, 10 times higher than when the company raised its seed funding in mid-2020.
Sabharwal said AgentSync will use the funds to accelerate product development, focused specifically on increasing the company’s headcount. He expects the company to nearly double its current numbers, reaching 90 by the end of the year. Many of those hires will be on product engineering teams with almost all of them based in Denver.
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 Manage, the company's first product, uses automation and technology to handle producer management and licensing compliance.
The company closed 2020 strong, raising a $6.7 million seed extension round to fuel a 400% revenue growth since the start of the pandemic.
While discussing plans for the new year, Sabharwal said he began to consider what strategic bets the company could make to grow faster. As they looked to invest in the product and build out the team, Sabharwal realized AgentSync would need a longer financial runway.
“It wasn’t something we were thinking too much about going into it,” he said of raising additional venture funding. “But we realized we’d have some capital constraints if we continue to make those investments while not bringing on any more cash.”
And, after initial conversations with past investors, the company closed its Series A funding round just months after its last round.
As the company experiences rapid growth on the employee side, Sabharwal said he’s being mindful of maintaining the company culture that has guided AgentSync to this point.
“Our biggest risk is growing too quickly and not maintaining the type of talent, level of talent and the type of people that are really excited to tackle this business process with us,” he said.
At the top of that list is a priority on hiring a diverse staff. Sabharwal acknowledged that fast-growing companies can easily lose sight of hiring diversity and that he and Knight are working to keep that mission top of mind.
To date, the company’s staff is 45% women, 5% nonconforming and 34% identify as an underrepresented group.
“Those diversity stats take a lot of time, energy and commitment to keep going and it’s something I’m really passionate about and Jenn’s probably more passionate about,” Sabharwal said.
