US-based Patriot Growth Insurance Services has wrapped up a new financing round to support its acquisition and organic growth strategy.

The additional capital raised is a mix of equity and debt from current investor Summit Partners and an expansion of Patriot’s existing debt facility co-led by Barings Global Private Finance and Antares.

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The financial terms of the round were not disclosed.

Founded in 2019 by CEO Matt Gardner, the company focuses on partnering with ‘high-growth, well-run’ agencies and has plans to accomplish ‘thoughtful’ collaboration across the US.

Patriot is said to have acquired over 35 companies in the last 18 months, driving in strong organic growth and bolstering its national footprint across 14 US states.

Matt Gardner said: “Despite the economic headwinds created by Covid-19, Patriot continues to execute on its strategy of partnering with some of the fastest-growing agencies in the country.

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“We believe the capital raised in this round of financing is a strong validation of the work we are doing and our position as a partner of choice for America’s top insurance agencies. We are thrilled to expand our relationships with Summit Partners, Barings and Antares as we continue to drive industry-leading growth.”

Summit Partners managing director and Patriot board of directors member Matt Hamilton said: “With a partner-driven mindset and a highly disciplined approach to execution, Patriot has quickly built an impressive, national network of insurance professionals, partnering with high-growth agencies across the country. We are pleased to provide additional support to help fuel the Company’s continued growth.”

Patriot currently employs 600 people in 57 locations across the US.