American insurtech platform Herald has raised $8m in a seed funding round led by Lightspeed Venture Partners.
Underscore and Afore Capital also joined the round along with angel investors including CRC Group brokerage president Garrett Koehn, At-Bay founder and CEO Rotem Iram and Alloy general manager Charley Ma among others.
Herald will use the funding to expand its product and engineering teams, scale support for additional lines of business, and accelerate integrations with its carrier partners.
Herald builds digital infrastructure for commercial insurance to enable software developers to connect to carriers via an API.
Herald founder and CEO Matthew Antoszyk said: “Insurance is a complex, fragmented, and highly-regulated financial service. We’ve seen company after company struggle to connect their technology to the insurance ecosystem on their own.
“Buying insurance is a major frustration for millions of small business owners. Our infrastructure powers the innovative insurance carriers and distributors that are solving this problem today.”
Herald leverages technology to automate the manual process of getting commercial insurance by integrating carriers’ automatic quoting algorithms via API.
The insurtech stated that customers using its API don’t have to build and maintain their own integrations with multiple insurance carriers.
It has partnered with several carriers including Markel, CNA, At-Bay, Cowbell, Corvus, Atlantic Casualty, Century Surety, Coterie, and AmTrust, among others.
Lightspeed Ventures partner Yoni Cheifetz said: “By building best-in-class tools for software developers, Herald will continue to unlock the necessary innovation on both the carrier and distribution side of the market to move commercial insurance online.”