US-based wholesale insurance brokerage QuoteWell has secured an additional $12m in funding, increasing its total capital raised to $32m.
The funding round was led by New Enterprise Associates, a US-based venture capital firm investing in technology and healthcare companies.
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Other participants include Brand Foundry Ventures, ClockTower Ventures, Goldcrest Capital, Floating Point and other strategic angel investors.
The financing round aims to expand the company’s producer footprint and enhance its proprietary AI-driven platform.
Brand Foundry Ventures general partner Brian Spaly said: “At Brand Foundry, we see insurance as a massive market that has yet to benefit from the same level of innovation and use of technology as other sectors.
“We take pride in backing the best founders in Austin, and we believe QuoteWell is one of our city’s standout start-ups.”
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By GlobalDataQuoteWell plans to use the new funds to accelerate growth in key markets, particularly in the south-east and West Coast regions.
The company is also focused on advancing its research and development efforts, specifically in AI-driven automation, to support its operational strategy.
QuoteWell founder and CEO Joey Bouchard said: “We have consistently focused on building a platform that empowers producers to be more efficient and effective, and this new funding will allow us to double down on that strategy.
“Our ability to seamlessly fuse the best of technology and human expertise is what sets us apart.
“I don’t believe many players across the insurance ecosystem have managed to actually apply AI in meaningful ways to unlock real leverage with their talent pool. I believe we have cracked that.”
QuoteWell operates as a wholesale insurance brokerage specialising in complex commercial risks within the non-admitted insurance market.
The company, serving the construction, energy, real estate and manufacturing sectors, combines insurance expertise with technology-enabled workflows.
Last year, QuoteWell partnered with Ascend, a comprehensive accounting operations platform for insurance, to enhance managing general agent accounting and payments workflows.
