Total amount raised
$161.1 Millions
Latest funding date
10/01/2023
Location
AgentSync has successfully raised $161 million over multiple funding rounds, with the latest being a Series B round that closed on October 26, 2023. The company is backed by 20 investors, including Valor Ventures and Craft Ventures.
AgentSync offers modern tools for producer and compliance management, connecting carriers, agencies, MGAs, and producers. Keep reading to explore the intricacies of AgentSync's fundraising journey and the investors backing this innovative platform.
What Is AgentSync?
AgentSync, founded on October 9, 2018, is based in Denver, Colorado. The company was established by Jenn Knight and Niranjan Sabharwal.
AgentSync specializes in providing modern tools for producer and compliance management, connecting carriers, agencies, MGAs, and producers. Their products include AgentSync Manage, AutoPilot, and ProducerSync API.
With a workforce of 101-250 employees, AgentSync continues to innovate in the insurance compliance software industry, emphasizing efficiency and compliance.
How Much Funding Has AgentSync Raised?
- Seed Round
- Amount Raised: $4.4M
- Date: August 2020
- Lead Investors: Caffeinated Capital, Elad Gil
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build the initial product and establish a market presence.
- Seed Round
- Amount Raised: $6.7M
- Date: December 2020
- Lead Investors: Craft Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and expand the team.
- Series A
- Amount Raised: $25M
- Date: March 2021
- Lead Investors: Craft Ventures, Elad Gil
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series B
- Amount Raised: $75M
- Date: December 2021
- Lead Investors: Valor Equity Partners
- Valuation at Round: $1.2 billion
- Motivation Behind the Round: To support growth and expansion into new markets.
- Series B Extension
- Amount Raised: $50M
- Date: October 2023
- Lead Investors: Craft Ventures, Valor Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To ensure financial stability and customer confidence as the company moves upmarket.
Total Amount Raised: $161M
Current Valuation: Not publicly disclosed
Key Investors
- Craft Ventures
- Details: Craft Ventures is a venture capital firm co-founded by David Sacks, focusing on early-stage and growth-stage companies. The firm is known for its hands-on approach to helping startups scale.
- Investment Focus Areas: SaaS, Marketplaces, Fintech
- Notable Investments: Slack, Bird, SpaceX
- Valor Ventures
- Details: Valor Ventures is a venture capital firm investing in early-stage technology companies. The firm aims to support innovative startups that have the potential to disrupt their respective industries.
- Investment Focus Areas: Fintech, SaaS, Enterprise software
- Notable Investments: Not publicly disclosed
- Valor Equity Partners
- Details: Valor Equity Partners is a growth-focused private equity firm. The firm invests in companies across various stages of development, providing both capital and strategic support.
- Investment Focus Areas: Consumer, Technology, Industrial
- Notable Investments: Tesla, SpaceX, Addepar
- Elad Gil
- Details: Elad Gil is an angel investor and entrepreneur known for his investments in technology startups. He has a background in biotech and fintech, and has been involved in several successful ventures.
- Investment Focus Areas: Biotech, Fintech, SaaS
- Notable Investments: Airbnb, Stripe, Gusto
- Caffeinated Capital
- Details: Caffeinated Capital is a venture capital firm investing in early-stage technology companies. The firm focuses on high-growth potential startups in various sectors.
- Investment Focus Areas: Fintech, SaaS, Consumer
- Notable Investments: Not publicly disclosed
What's Next for AgentSync?
AgentSync stands at the cusp of significant opportunities, driven by its recent $50 million funding round. The company is poised to enhance its product offerings for large carriers, leveraging its cloud-native solutions to streamline onboarding and compliance processes. With a customer base of over 200 insurance companies, the potential for growth is substantial.
Future fundraising seems likely as AgentSync continues to demonstrate robust growth metrics, including a 3x increase in Annual Recurring Revenue. The company’s strong financial health and market position make it an attractive candidate for further investment, which could fuel additional expansion and innovation.
However, challenges remain. The insurtech sector is competitive, and AgentSync must navigate regulatory changes and maintain its rapid growth rate. Additionally, the company faces the complexities of scaling its solutions to meet the needs of larger carriers. Despite these hurdles, AgentSync's strategic focus on modern, scalable infrastructure positions it well for continued success.
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