US-based virtual claims technology provider Snapsheet has closed a $20m series C round that featured insurance companies Liberty Mutual and Intact as well as diversified financial services firms USAA and Fidelity.
Fidelity co-led the round with investment firm IA Capital through its F-Prime Capital unit. Liberty Mutual and Intact invested through their respective corporate venturing units, Liberty Mutual Strategic Ventures and Intact Ventures, while USAA contributed through an unnamed subsidiary.
Snapsheet has developed virtual claims technology aimed at the car insurance market. The company’s platform estimates the cost and process for repairs from an initial photo submission of the damage by the driver all the way through to payment.
The cash injection will support a recruitment drive across Snapsheet’s engineering, sales and marketing teams. It will also add more features to its platform and begin licensing its technology to insurance carriers.
Snapsheet previously received $10m in series B capital from undisclosed investors in 2013, the year after OCA Ventures led a $1m series A round with participation from New World Ventures and Lightbank.
Lightbank had also invested $250,000 in seed funding in 2011, when the company was still known as BodyShopBids.
Michael Smith, assistant vice-president of corporate development for USAA, said: “Snapsheet has already made a positive impact for our members by offering a convenient new option for getting repair estimates for vehicle damages.
“As the demand for virtual claims processing technology continues to increase across a massive global market, Snapsheet is well-positioned to bring value to emerging insurance carriers and their customers.”