US-based virtual claims software vendor Snapsheet completed a $29m series E round yesterday that included insurance providers Nationwide, Liberty Mutual and State Automobile Mutual Insurance, as well as insurance broker Sedgwick.
Financial services groups Fidelity and USAA also participated in the round, which was led by venture capital firm Tola Capital and also backed by fellow VC firm OCA Ventures.
Liberty Mutual and Fidelity took part through Liberty Mutual Strategic Ventures and F-Prime Capital respectively, while USAA invested through an unnamed affiliate and State Automobile Mutual Insurance through its innovation arm, State Auto Labs.
Founded in 2010 as BodyShopBids, Snapsheet operates a cloud-based platform that facilitates insurance appraisals and disbursements as well as rental and asset management. It initially concentrated on the automotive industry but has since expanded into all other areas of insurance.
The series E funding will accelerate the delivery of Snapsheet’s property and casualty-focused offering, in addition to driving the development of its analytics capabilities and supporting staff recruitment.
Snapsheet has now raised $71m to date. Liberty Mutual and fellow insurance firm Intact had previously backed its $12m series D round in 2017 alongside USAA, Fidelity and lead investor Tola Capital.
F-Prime Capital and VC firm IA Capital had co-led a $20m series C round for the company in 2016 that included USAA, Liberty Mutual Strategic Ventures and Intact Ventures, the corporate venturing subsidiary of Intact.
Snapsheet’s earlier investors also include Lightbank and Pritzker Group Venture Capital, then known as New World Ventures.
