Total amount raised
$31 Million
Latest funding date
10/01/2015
Location
Insureon has successfully raised funding over two rounds, with Oak HC/FT and Accretive LLC as notable investors. The company operates as an independent marketplace for the online delivery of small business insurance.
Keep reading to explore the intricacies of Insureon's fundraising journey and the investors backing this innovative platform.
What Is Insureon?
Insureon, based in Chicago, Illinois, operates as an independent marketplace for the online delivery of small business insurance. The company is involved in various industries, including commercial insurance, insurtech, and risk management.
With a workforce of 101-250 employees, Insureon has established itself as a leading provider of small business insurance, offering a wide range of policies tailored to different industries. The company has been acquired by HUB International and continues to emphasize a seamless, technology-driven insurance purchasing experience.
How Much Funding Has Insureon Raised?
- Series A
- Amount Raised: Not publicly disclosed
- Date: July 2010
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial business growth and market entry.
- Series B
- Amount Raised: USD 31,000,000
- Date: October 2015
- Lead Investors: Oak HC/FT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology development and boost sales and marketing activities targeting small businesses.
Total Amount Raised: USD 31,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Oak HC/FT
- Details: Oak HC/FT is a venture capital firm that focuses on investing in early to growth-stage companies. Patricia Kemp, a General Partner at Oak HC/FT, joined Insureon’s Board of Directors as part of their investment.
- Investment Focus Areas: Healthcare, financial technology (FinTech).
- Notable Investments: Not publicly disclosed.
- Accretive LLC
- Details: Accretive LLC is a private equity firm that invests in technology-driven companies. They participated in Insureon's Series B funding round.
- Investment Focus Areas: Technology-driven companies.
- Notable Investments: Not publicly disclosed.
What's Next for Insureon?
Insureon stands at the cusp of significant growth opportunities, driven by its focus on enhancing technology and expanding its customer base. With over 175,000 small businesses already served and more than $200 million in premiums placed annually, the potential for further market penetration is substantial.
Future fundraising efforts could be bolstered by the company's strong performance and the strategic involvement of investors like Oak HC/FT. These funds would likely be directed towards scaling operations and improving technological capabilities, positioning Insureon for continued success.
However, challenges such as competition from other insurtech firms and regulatory hurdles in the insurance industry could pose obstacles. Staying ahead of technological advancements and meeting customer expectations will be crucial for Insureon's sustained growth.
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