TrustLayer, developer of a proof-of-insurance risk management platform, has raised $6.6 million in seed funding from venture investors, insurance agencies and others.
“We’re honored to have the support of so many of the top 100 insurance brokers,” John Fohr, co-founder and CEO of TrustLayer, said in prepared remarks. “Verification of insurance and business credentials is a pain point for millions of businesses and demands a solution that is automated and secure.”
Abstract Ventures led the round along with Propel Venture Partners, NFP Ventures, and Precursor Ventures. TrustLayer said a number of other parties also invested, including 20- of the top 100 U.S. insurance agencies along with their C-suite executives – Holmes Murphy, Heffernan, M3, NFP and Graham Company among them.
BrokerTech Ventures is also an investor. The group, made up of 13 of U.S. insurance agencies and 11 insurance companies (including The Hanover Insurance Group, Grange Insurance, and Travelers, among others), runs an accelerator that focuses on providing “broker-centric InsurTech startups” access to seed funding, knowledge and also agency and non-agency mentors. This is BTV’s first investment in a cohort member of its accelerator, the announcement noted.
TrustLayer plans to use the funding to scale its operations, expand sales and marketing, and propel development of its digital proof of coverage product with The Institutes RiskStream Collaborative – an initiative billed as the U.S.’s largest blockchain insurance consortium. Additionally, the funding will help support its product integration with a number of insurance carrier systems.
TrustLayer pitches its technology as a collaborative risk management application that enables automated verification of insurance, licenses, and compliance documents for a client company’s business partners. It relies on artificial intelligence and machine learning technology.
TrustLayer launched initially in 2018. It currently employs 15 people.