Total amount raised
$31 Millions
Latest funding date
10/01/2015
Location
Insureon has successfully raised funds through multiple rounds, with its last funding round being a Series B on October 21, 2015. The company has attracted investors such as Oak HC/FT and Accretive LLC.
Keep reading to explore the intricacies of Insureon's fundraising journey and the investors backing this innovative platform.
What Is Insureon?
Insureon, founded in 1997, is a leading digital agency specializing in small business insurance. Headquartered in Chicago, Illinois, the company was established by Jim Cochran, Michael Cline, and Ted Devine. With a workforce of 101-250 employees, Insureon offers a streamlined process for obtaining insurance, providing quotes from top carriers through a single application.
Operating in industries such as Commercial Insurance, InsurTech, and Risk Management, Insureon is the largest digital agency for small and medium-sized businesses. The company is a division of Specialty Program Group and HUB International Limited, offering a variety of insurance products including General Liability, Professional Liability, and Cyber Insurance.
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 establish a foundation for growth and development in the small business insurance market.
- Series B
- Amount Raised: $31M
- Date: October 2015
- Lead Investors: Oak HC/FT, Accretive LLC
- 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: $31M
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 various sectors, focusing on long-term growth and value creation. The firm participated in Insureon's $31 million Series B funding round.
- Investment Focus Areas: Not publicly disclosed
- 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 sales and marketing efforts. With a solid foundation of serving over 175,000 small businesses and managing more than $200 million in premiums annually, the company is well-positioned to capture a larger market share in the burgeoning small business insurance sector.
Future fundraising opportunities appear promising, given the successful $31 million equity funding round led by Oak HC/FT and Accretive. This financial backing not only boosts Insureon's technological capabilities but also sets the stage for potential future investments or acquisitions, further solidifying its market presence.
However, Insureon may face challenges such as intense competition from other insurtech firms and traditional insurers, as well as the need to keep pace with rapid technological advancements and evolving customer expectations. Navigating regulatory complexities in the insurance industry will also be crucial for sustained growth.
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