Five years ago, InsureTech - a catch-all term for technology and software aimed at disrupting the insurance arena - was a nascent industry. In 2013, a total of $225 million in venture capital was invested across 50 deals in businesses categorized as "InsureTech," according to VC database CB Insights.
Since then, the industry has erupted, with nearly $4.75 billion invested in over 350 deals and, in Tampa, one local startup building speciality insurance software is riding this wave.
Earlier this month, Bond-Pro, a company that makes software and technology for the surety market, which guarantees the debts of one party by another, announced that it raised $10 million in funding from growth equity firm Volition Capital.
Bond-Pro's platform allows surety professionals and agencies to improve underwriting efficiency and mitigate risk, helping reduce costs. With the company's suite of offerings, surety professionals, for example, can digitally manage the entire life cycle of a bond.
"The capital provides us with the resources to further strengthen Bond-Pro's Next Gen Surety Carrier and Agency solutions, accelerate global expansion beyond North America and launch a B2B Surety Hub that seamlessly connects carriers and agencies in real-time," explained Bond-Pro CEO Frederick Duguay in a statement.
The company said that it will use the funding to scale its delivery capabilities and meet the demand Bond-Pro's seeing from U.S and Canadian insurance carriers.
In addition to the funding, Volition Capital's managing partner Roger Hurwitz will be joining Bond-Pro's board.
