Insurtech company Matic has secured $20m of funding in its Series B extension round to bolster its carrier network and product portfolio.

The latest investment round, which was jointly led by IA Capital Group and Cultivation Capital, includes $17m in Series B equity.

The round was joined by the company’s existing investors as well as several new investors such as Intuit Ventures, TruStage Ventures and Assurity Ventures.

At the same time, Matic also increased its credit facility by $3m, bringing new liquidity to $20m.

The funding will be used by the insurer to bolster its position as the embedded property and casualty insurance (P&C) provider for mortgage and banking companies, as well as to expedite collaborations.

Matic noted that it will also use the funds to improve products and streamline the insurance purchase experience via digital and agent-based channels.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

To tackle various changes in carrier appetites owing to severe weather incidents and maintain coverage across the US, the insurer will expand its carrier marketplace.

Apart from P&C insurance, Matic intends to enter the life insurance space to provide complete coverage offerings based on the clientele of its partners.

Matic CEO and co-founder Ben Madick said: “The commitment from new and existing investors demonstrates Matic’s sustainable business model that thrives in all markets through partner-led growth.

“We are thrilled to partner with Intuit Ventures and be one of the first insurtechs joining their portfolio.

“This successful round is a testament to the hard work and dedication of the Matic team and I couldn’t be prouder of the business we have built together.”