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May 3, 2019

American insurtech Indio Technologies rakes in $20m funding

Indio Technologies, a US-based insurtech company, has raised $20m in a Series B funding round led by Menlo Ventures, with participation from 8VC.

The latest round raises the company’s total funding to $30m.

The money, according to Indio Technologies, will be spent to accelerate product development and digital innovation in property as well as casualty insurance.

The company offers a white-label platform which enables insurance brokers to streamline insurance application process and get rid of paper forms.

Indio Technologies CEO and co-founder Mike Furlong said: “Before Indio, the painful and redundant paper-based business insurance process was considered a necessary evil to attaining insurance coverage.

“We moved that entire process to a secure online platform that reduces steps, entirely eliminates data duplication, and improves the experience for both the business and the insurance broker.”

Indio noted that it is planning to develop new platform connectivity for insurance carriers so that insurance brokers can easily cooperate with underwriters and receive quotes quickly.

Menlo Ventures partner Tyler Sosin said: “We have had an on-going thesis that P&C insurance is ripe for innovation, but until meeting Indio, we had not found a company with a value proposition that was getting real pull from existing players in the ecosystem.

“Fortunately, it only took a few conversations with Indio customers to figure out that Mike and his team have found compelling product market fit. Indio is a digital onramp for traditional brokers, it makes their lives easier and it enables them to extend a modern experience to clients.”

Indio Technologies was established by Adam Bratt and Mike Furlong in 2016. Currently, the company has over 50 staff.

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