The InsurTech Aclaimant secured $10 million in venture capital financing to help grow the reach of its workflow platform for safety and risk management.
With cash in hand, the Chicago-based startup founded in 2013 will accelerate its push for new clients and also pursue more marketing and partnership development. As well, it will invest in product innovation and enhancements focused on data, compliance and design. Hiring focused on risk management specialists is also part of the plan.
“Now more than ever, organizations must create cultures of workplace safety. Aclaimant fosters this by engaging the employee, employer and insurance carrier in making workplace incidents everyone’s responsibility,” said David Wald, CEO and co-founder at Aclaimant. “With the new funding, we’re excited to work closely with our customers to prioritize safety by providing a workflow that allows employees and employers to report and streamline insurance claims on-the-go.”
Mercury Fund led Aclaimant’s Series A funding round, though additional investors Royal Street Ventures, EBSCO Capital, KEC Ventures, RRE Ventures and Aspen Capital Group also participated.
Including the new round, Aclaimant has pulled in nearly $13 million to date. The company closed on a $2.9 million seed round in 2017.
Aclaimant bills itself as a technology company that, with insurance industry experts and innovative tech, helps improve risk and claims management processes for multiple business sectors. In its funding announcement, the company bills itself as an “insight-driven workflow solution for safety and risks management.” Targeted clients come from industries including construction, manufacturing, staffing, real estate and hospitality.
The senior management team, including co-founders Wald, Joel Friedman and Michael Schultz, will continue to lead the company. They are joined by Adrian Fortino, managing director at Mercury Fund, and Laura Brady, managing director at Royal Street Ventures, as members of the board of directors.