Glow, a US-based digital insurance agency, has raised $22.5m in a Series A funding round led by Cota Capital.
The round also saw participation from AV8 Ventures, Markd, Startup Venture Capital, Maiden Re, among others.
Glow will use the funding to drive innovation in its insurance platform, which automates the insurance process for small businesses.
The proceeds will also be used to expand in new states across the US and serve clients across more verticals.
Glow uses technology to analyse data and identify risks of a business to offer cost-effective policies that fit clients’ needs while ensuring that the company’s coverage is always up to date.
The insurtech platform offers all commercial insurance solutions that a small business needs by partnering with several insurance providers.
Additionally, Glow provides clients with a dedicated account manager who understands the company’s business and can be reached via phone or online.
Cota Capital partner Ben Malka said: “Small business insurance is a $100bn market, and it is underserved and underinsured. Glow’s approach has all the elements the industry needs to bring small businesses into the new era of digital insurance.
“It offers the platform small businesses are moving toward. It is consolidated and convenient, and it helps the small business bottom line.”
Glow CEO and founder Samad Wahedi said: “If you are a small bakery, you want to know that your employees and your assets are safe but your focus is baking. We use data and cutting-edge technology to make sure you are always protected with the right coverage so you can focus on building your business.”