Coterie pulled in $11.5 million in new venture funding it will use to fuel further expansion of its business, which is designed to integrate insurance purchasing into existing small businesses processes.
The Cincinnati-based InsurTech bills the funding as a Series A-1 financing, a follow-on to an an oversubscribed $8.5 million Series A financing in March 2020. Intact Ventures led the new round, with with participation from Alpha Edison, Lackawanna Insurance Group – a subsidiary of Group1001, and previous investors RPM Ventures, Allos Ventures, and several others.
Coterie provides general liability, professional liability and business owners policy insurance to businesses (including freelancers) in a process it bills as quick, efficient and cheap through the automatic leveraging of relevant data.
Coterie’s technology is designed to integrate with existing business tools and data such as payroll, revenue and location to ensure the best rates for users. The company partners digitally with agents and brokers, and notes on its website that it is “a licensed insurance producer in all 50 states, and is backed by A-rated licensed insurers and reinsurers.”
Since its initial funding in March, Coterie said it has teamed up with platforms including Intuit Quickbooks and Thryv in order to deliver business insurance through tools customers are already using. The company has also partnered with Independent Market Solutions and First Market Connect to help expand their capabilities to insurance agents already serving small businesses.
Source: Coterie Insurance