American insurtech Embroker has secured $100m in a Series C funding round, which was led by FTV Capital.
Other investors who participated in the latest round of funding are HSCM Bermuda and Gaingels.
They were joined by existing backers including Tola Capital, Canaan Partners, Bee Partners, and MassMutual Ventures.
Embroker plans to utilise the fresh infusion to expand the company into a full-stack insurtech by building its own insurance carrier.
The aim is to make business insurance a more streamlined and simple experience.
The funding will also further the growth of Embroker Access, part of the company’s platform that enables retail and wholesale brokers to offer its digital insurance offerings to customers.
Founded in 2015, San Francisco-based Embroker has raised $140m in funding so far.
Embroker CEO Matt Miller said: “For Embroker to truly forge a new approach to business insurance, we need to reimagine and rebuild every part of the process.”
Embroker recorded more than $20m in gross written premium for Q1 2021 and claims to have achieved more than 100% retention.
FTV Capital principal and Embroker board member Mike Vostrizansky said: “Led by a management team with deep domain expertise, Embroker has thoughtfully taken a digital-first approach to broadening its suite of proprietary specialty line offerings and enhancing its technology infrastructure.”
Tola Capital founder and MD Sheila Gulati added: “By leveraging investments in software and data, Embroker is both revolutionising and enabling the modernisation of the insurance industry to better serve the needs of business customers.”
Last month, life insurance-focused insurtech Ethos – also based in San Francisco – bagged $200m Series D investment at a valuation of $2bn. The funding round was led by venture capital firm General Catalyst.