Digital brokerage startup Newfront said it has raised more than $100 million in venture financing it will use to fuel business growth and product development.

Founders Fund and Meritech Capital led the round, which brings the San Francisco company’s valuation to $500 million.

Newfront CEO Spike Lipkin said in prepared remarks that with the financing, the company is looking towards “significant and sustained growth over the next eight quarters.”

Newfront touts its business model as having rebuilt how brokerages operate by using software and experts “to provide clients with a more transparent, efficient, and data-driven approach to risk management.”

As well, Newfront claims to be “one of the nation’s top 100 brokerages since its founding three years ago.”

Source: Newfront Insurance