One of Denver’s fastest-growing startups has taken another step in putting down roots in the Mile High City.
Since moving to Denver in early 2020 from the Bay Area, insurance-tech startup AgentSync has grown its staff from about a dozen employees to nearly 100, raised $36 million in funding and, now, bucked recent trends in growing its physical footprint by opening a new office in Denver's River North Art District.
The company is building tools and infrastructure for 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.
Despite the remote work culture spurred by the pandemic, co-founder Niranjan Sabharwal said AgentSync wanted to build a true hybrid experience for its employees in opening this office.
“I personally enjoy having a reason to get out of bed and take a shower and go into a space,” he said with a laugh. “We want to provide as much flexibility as possible to the team to work in the way that works best for them.”
The 12,500-square-foot office is located in the former Riveter coworking space at 2734 Walnut St. The company held a ribbon-cutting ceremony on Sept. 23 with Denver Mayor Michael B. Hancock in attendance to celebrate the opening of the new space.
AgentSync was co-founded by the husband and wife duo of Sabharwal and Jenn Knight in San Francisco in 2018. The company relocated to Denver in 2020 in search of talent.
The company has grown rapidly in the city, closing in on 100 total employees, with about 75% of those and most of the executive team based in Denver. With the new office, Sabharwal hopes to grow AgentSync’s local presence even further.
“We’re looking to centralize our employee growth in Denver. Our target is 80-20 in Denver, versus remote,” he said. “We’re excited to build a larger community here and centralize our leadership team here as well.”
He expects the company to have nearly 115 employees by the end of this fiscal year and somewhere around 175 by the end of 2022.
“It is an enormous win when companies choose Denver as their headquarters. It speaks to the intentional work we are doing as a hub of innovation and collaboration, of diverse and successful businesses, and the centerpiece of it all: our incredible talent,” said Denver Economic Development & Opportunity Chief Business Development Officer, Deborah Cameron, in a statement. “We look forward to seeing AgentSync’s growth in our city, to the community partnerships they will forge, and to learning from them to keep our city competitive as a top place to do business.”
Despite the competitive hiring climate caused by the pandemic, Sabharwal said AgentSync hasn’t felt much pressure. He said the company has prioritized its recruiting efforts, offering higher salaries and flexible benefits to attract talent.
“Of this competitive talent market, we’ve been on the winning end of it so far,” he said.
This announcement comes just six months after AgentSync raised 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. At the time, the funding brought the company's valuation to $220 million, 10 times higher than when the company raised its seed funding in mid-2020.
Although it has hired at a rapid rate since that round, Sabharwal said the startup has yet to tap into the $25 million of new capital.
“We haven’t spent a dime of the Series A money and probably won’t for a while,” he said. “Right now we have years and years and years of runway.”
