Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP advised Embroker on the deal.
Embroker, the digital business insurance platform making it radically simple to get insured, announced it has secured $100 million in Series C funding. The funding round was led by FTV Capital with additional investment from HSCM Bermuda and Gaingels and follow on from Tola Capital, Canaan Partners, Bee Partners, and MassMutual Ventures. Embroker plans to utilize the new funding to expand the company into a full-stack insurtech by building its own insurance carrier.
Embroker’s innovative platform and products are experiencing substantial growth in the market and driving industry-leading customer satisfaction. Across all products, Embroker surpassed $20 million in gross written premium for the first quarter of 2021 and achieved over 100% retention. Year to date, the company has also grown its digital products more than 300 percent while earning an NPS score of 77. This latest funding announcement will provide continued investment in Embroker Access, a critical part of the company’s platform that allows retail and wholesale brokers to offer Embroker’s digital insurance products to customers.
Embroker applies modern data-driven underwriting models to assess risk better, and create policies and premiums that protect companies against that risk. This unique algorithmic-based risk management reduces premiums for businesses by up to 20 percent. The Embroker experience is both digital when customers need the ease of technology and personal when they want the guidance of experts. All of Embroker’s digital insurance products are instantly underwritten by Embroker’s insurance platform and are fully backed by A+ rated reinsurers including Munich Re and Everest Re.
The Gunderson deal team was led by Andy Bradley (Picture) and included Julie Mahoney, Jessica Furr and Travis Glock.
Involved fees earner: Andy Bradley – Gunderson Dettmer Stough Villeneuve Franklin & Hachigian; Jessica Furr – Gunderson Dettmer Stough Villeneuve Franklin & Hachigian; Travis Glock – Gunderson Dettmer Stough Villeneuve Franklin & Hachigian; Julie Mahoney – Gunderson Dettmer Stough Villeneuve Franklin & Hachigian;