Snapsheet, a virtual claims technology provider, raised $29 million in new funding, and the growing InsurTech plans to invest its cash infusion into furthering a global expansion.
New investors joined the Series E round, including Nationwide and State Auto Labs, along with Sedgwick. Existing investors Liberty Mutual Strategic Ventures, F-Prime Capital, OCA Ventures and a USAA affiliate also participated, and Tola Capital led the financing. Overall, the Chicago-based company has pulled in $71 million in total venture investment, including the new round.
Snapsheet’s technology revolves around a mobile-first, data-enabled virtual claims platform designed initially for personal and commercial auto insurers. It relies on machine learning and artificial intelligence, and the company pitches it as being able to streamline and drastically ease the claims process. Customers can use email, text, the web or mobile app to reach participating carriers and process their claims more quickly.
With the new cash infusion, Snapsheet will further pursue an expansion into different insurance lines and go global, CEO and founder Brad Weisberg said.
“It’s not just about how we can do great claims but how we can take our software and extend it out into the market,” Weisberg told Carrier Management via email. “This funding puts fuel to the fire, pushing our growth on the software side of our business.”
Weisberg said that the company’s technology, via its SaaS (Software as a Service) platform, is already available globally. The new financing will accelerate Snapsheet’s advance into additional countries “and put our SaaS into more organizations,” he added. Weisberg also noted the company will extend its services beyond auto claims into other areas including bodily injury, property and commercial claims.
Snapsheet currently has 500 employees but plans to hire many more in the coming months, particularly engineers, data scientists, account management and other employees, Weisberg said.