In spite of a tight funding environment, a Holly Springs insurance technology firm has secured more than $15 million — bringing its total capital haul to more than $20 million.
Certificial raised nearly $15.2 million from nine investors, according to a securities filing.
It’s the largest fund yet for the firm, which reported a $5.8 million raise in 2021.
Cofounder Rob Blanchette did not immediately return a call to comment.
Among those participating in the fund was Cofounders Capital, a local seed investor founded by serial entrepreneur David Gardner.
Tobi Walter, a partner at Cofounders Capital, sits on the firm’s board. He said the reason Cofounders Capital has again invested in Certificial comes down to a “terrific team” and a great solution.
“They are two real go-getters with an interesting insurance background,” Walter said.
Certificial was cofounded by Peter Teresi and Rob Blanchette who, in addition to knowing the insurance business, have a slew of tech-centric firms on their resumes. Teresi had more than 20 years of experience in the tech sector at places such as Microsoft and Acord. Both he and Blanchette previously worked at ThreeBridge Solutions, which was acquired by BlueLine Associates in 2018.
Certificial, according to its website, uses real-time data to ensure businesses have continuous and compliant insurance coverage.
“The problem and the solution made a ton of sense to us,” Walter said.
Walter described the financing as a “growth fund.”
Certificial is fully remote and today has four open positions, including for product manager and vice president of engineering.