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May 21, 2019updated 20 Jun 2019 2:31pm

Insurtech start-up Snapsheet raises $29m to accelerate expansion

American insurtech start-up Snapsheet has raised $29m capital in Series E funding round led by Seattle-based venture capital firm Tola Capital.

The fund round was joined by the company’s existing investors Liberty Mutual Strategic Ventures, F-Prime Capital, OCA Ventures and an affiliate of USAA.

It also witnessed participation from new investors such as Nationwide, Sedgwick, and State Auto Labs.

Snapsheet plans to use the capital to expand the delivery of its end-to-end SaaS claims platform for all lines of property and casualty.

The fund will be invested in advanced analytics capabilities and expand the team to serve clients globally.

Following the closure of the latest funding round, Snapsheet has raised a total of $71m.

Snapsheet CEO and founder Brad Weisberg said: “Snapsheet has digitised the entire claims process.

“In the last few years, we have advanced our cloud-based claims and analytics solutions. This is no longer just for auto, but across all P&C lines. The evolution of where we are going is making our technology available to clients as SaaS claims solutions.”

“We have helped to lead a digital and data-driven revolution that is transforming how our clients engage with their customers and stakeholders across the auto claims ecosystem.

“Now, we are accelerating and expanding our proven technology, software, and processes. This continues to make a real impact on the auto claims process, but there is so much more that we can do for our clients.”

Tola Capital founder and managing director Sheila Gulati said: “Our insurance carrier customers and partners are experiencing incredible benefits from Snapsheet’s end-to-end digital claims workflow, leveraging the best software and data innovation to produce better experiences for end-customers. ”

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