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April 29, 2021

US insurtech Wunderite receives seed funding to drive growth

Boston-based insurance technology firm Wunderite has received $3m in a seed financing round led by Spark Capital.

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Boston Seed joined the round too along with other insurance players and their executives.

Among them are John Wepler from MarshBerry, Scott Addis from Beyond Insurance, and Brian Hetherington from The ABD Team. Ty Harris from Openly, Andrew Krantz from York International, Heffernan Insurance Brokers, Trustco Inc, and BrokerTech Ventures also participated.

Wunderite plans to use the new capital to speed up product development and increase distribution to agencies.

It also intends to use the funds to double its staff headcount in the next 12 months.

Spark Capital general partner Alex Finkelstein will now be a member of the Wunderite board.

Finkelstein stated: “Wunderite is allowing agents to be more valuable partners to their customers by offering a streamlined, data-driven product that helps them clearly understand what their options are.

“Wunderite allows them to deliver that in a smart and attractive way for promising ROI.”

Wunderite offers a customer-facing platform for independent insurance agencies. This helps independent agents better serve customers buying or renewing property & casualty insurance.

Wunderite founder and CEO Peter MacDonald said: “Wunderite shortens the application process, helping agents sell more deals. We are relentlessly focused on improving the customer experience.”

Earlier this month, Clearcover and Gradient AI – both US insurtechs – also received funding.

Clearcover raised $200m in a Series D funding round to strengthen its digital insurance offerings. Gradient AI raked in $20m in a Series B round led by American Family Ventures.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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