Coterie, a US-based insurtech managing general agent specialising in small business insurance, has received a fresh infusion of $27m.
The latest investment round attracted new capital from Hiscox and continued support from current investors such as Intact Ventures, Weatherford Capital and RPM Ventures.
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Since its launch in 2018, Coterie has amassed more than $102m in total funding.
The new investment will be used to bolster the company’s offerings including the development of new insurance products, advanced underwriting processes and enhanced policyholder servicing automation.
Coterie’s technology-driven platform is designed to streamline the insurance process, claiming a submission-to-bind experience in under one minute.
The insurtech company said it has maintained a developed ultimate loss ratio below 60% for two years, with revenue growth exceeding 200% in 2023.
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By GlobalDataCoterie has also expanded its reinsurance panel in 2023.
Coterie CEO David McFarland said: “We are incredibly grateful for the recognition and belief in how we are reimagining the small commercial insurance space through continued innovation and dedication to independent agents and brokers.
“This is an incredibly exciting time in Coterie’s growth as we focus on bringing enhanced value for our partners by pushing boundaries to shape the future of insurance.”
Weatherford Capital founding partner Drew Weatherford said: “Coterie continues to impress us with their innovative use of technology, data and automation to simplify the quoting and binding process. We are confident in this team’s ability to truly transform small business insurance.”
In July 2023, Coterie formed an alliance with ZestyAI to leverage technology to provide clients with detailed insights on property risk and valuation.
Coterie’s previous funding milestones include a $50m Series B financing round in 2021, led by Weatherford Capital and supported by RPM Ventures, Intact Ventures, Group 1001 and Alpha Edison.
