US-based digital insurance software developer Coterie received $11.5m on Friday in a series A-1 round led by Intact Ventures, the venture capital arm of property and casualty insurance group Intact Financial.
The round also featured Lackawanna Insurance Group, a subsidiary of insurance provider Delaware Life, as well as Alpha Edison, RPM Ventures and Allos Ventures.
Coterie’s data-driven technology enables small businesses to incorporate business insurance tools into their online offerings. It also provides software that helps independent agents and brokers sell small business insurance more easily.
The company raised $550,000 from undisclosed investors in 2018 before adding $1.7m in July 2019, according to regulatory filings. Greenlight Re Innovations, a subsidiary of reinsurance firm Greenlight Re, added an undisclosed sum two months later.
RPM Ventures and Allos Ventures joined financial services group Western & Southern, Intercept Ventures, Frontier Venture Capital and Sure Ventures to supply $8.5m for Coterie in a March 2020 series A round the company said took its total funding to almost $11.7m.
David McFarland, Coterie’s co-founder and chief executive, said: “There is a growing need in the industry for fast and easy solutions and we are excited to provide that in the small business insurance space.
“We have been extremely fortunate over the last year to bring on great people, partners and investors who believe in what we are building.”
