SnapSheet, the virtual claims software producer backed by insurance firms Liberty Mutual and Intact and financial services groups USAA and Fidelity, closed its series D round at $12m on Tuesday.
Enterprise software-focused venture capital firm Tola Capital led the round, which took the company’s total funding to approximately $43m since it was founded as BodyShopBids. Sheila Gulati, managing director of Tola Capital, will join SnapSheet’s board of directors.
SnapSheet has built a mobile-first software platform that enables automotive insurance providers to process claims more easily, while also cutting paperwork for both the insurers and the body shops that conduct repairs.
The new funding will support product development and the scaling of SnapSheet’s sales, marketing and customer engagement activities.
Fidelity subsidiary F-Prime Capital co-led SnapSheet’s $20m series C round with IA Capital in October 2016, with backing from USAA as well as Liberty Mutual Strategic Ventures and Intact Ventures, the strategic investment arms of Liberty Mutual and Intact.
Venture capital firms OCA Ventures and Lightbank had supplied the company’s earlier funding, along with New World Ventures, the VC fund now known as Pritzker Group Venture Capital.
Brad Weisberg, Snapsheet’s founder and CEO, said: “We have continued to build relationships with top insurance carriers, including industry leaders like USAA, Liberty Mutual and Metromile, validating our vision for a seamless, software-enabled claims lifecycle.
“Our platform is reimagining the claims process and enables 90% of all claims to be processed virtually.”