Snapsheet, a US-based virtual claims software vendor, has raised $30m in its series E2 round from a consortium co-led by Ping An Global Voyager Fund, the corporate venturing unit of China-based insurer Ping An, and venture capital firm Pivot Investment Partners.
Existing investors including insurers Nationwide and Liberty Mutual and VC firms Intact Ventures, Tola Capital and Commerce Ventures, among others, also invested. Donald Lacey, Global Voyager’s chief investment officer, will join Snapsheet’s board and said: “The digital transformation of insurance has accelerated tenfold in the last year, and demand for cloud technologies is higher than ever across the industry.
“Snapsheet’s cloud-native claims management platform is an end-to-end solution that can plug into the existing tech stack to digitise and automate processes through omnichannel engagement tools, no-code workflow engine and API-driven flexibility. This gives auto and home insurers an out-of-the-box platform to dramatically improve claims experiences.”
Founded in 2010 as BodyShopBids, this funding brings Snapsheet’s total raised to more than $100m. In May 2019, Snapsheet completed a $29m series E round 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.
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.
