Bold Penguin, a US-based provider of insurance management and customer service technology, completed a $32m series B round featuring insurance and risk management services provider Lockton on Monday.
Asset management firm Hudson Structured Capital Management, venture capital firm Lightstone Ventures and investment firm Guggenheim Partners also took part, as did unnamed existing backers and individual investors from private equity firm Stone Point Capital.
Founded in 2016, Bold Penguin provides software tools that help commercial insurance agents connect to the most suitable insurance carriers, and assists carriers with the underwriting process, in turn accelerating the process of offering quotes and sealing policies.
Ilya Bodner, Bold Penguin’s founder and CEO, said: “The commercial insurance space is a fantastic area of insurance that welcomes an upgrade. Having support from not only the industry but also the investment community to help fix the problems from within is very exciting in this next chapter of our company.
The company said it has now raised more than $50m in total, having secured an undisclosed sum in a September 2018 round led by insurtech investment firm Pivot Investment Partners. The proceeds will be used to beef up its engineering capabilities as it looks to further develop its products.
