US-based insurtech start-up Bold Penguin has raised $32m in a Series B funding round to accelerate business expansion.

Apart from the existing investors from Stone Point Capital, the funding round involved the participation of Hudson Structured Capital Management, Lightstone, Guggenheim Insurance, as well as Lockton.

The latest infusion takes the total capital raised by Bold Penguin to more than $50m so far.

Bold Penguin intends to invest the proceeds to enhance its technology platform for enterprise customers, and expand in Excess and Surplus (E&S) Lines.

Additionally, the company plans to strengthen carrier integrations in an effort to support the 950,000 businesses managed via Bold Penguin’s technology.

Commenting on the development, Bold Penguin founder and CEO Ilya Bodner said: “The commercial insurance space is a fantastic area of insurance that welcomes an upgrade.

“Having support from not only the industry but also the investment community to help fix the problems from within is very exciting in this next chapter of our company.”

Established in 2016, Bold Penguin is said to facilitate commercial insurance quoting and binding in hours or minutes unlike the conventional process that may last for weeks.

Recently, Bold Penguin made Agent Terminal, its agent-facing technology, available in all 50 US states.