The InsurTech AgentSync pulled in a $25 million round of financing, money it plans to us for expansion of its producer distribution management and licensing compliance software.
“We’re solving for some of the most inefficient processes bogging down the trillion-dollar insurance market,” AgentSync co-founder and chief executive Niji Sabharwal said in prepared remarks. “Our core product is already creating positive change for our customers, and we’re excited to keep building for an industry that’s eager to adopt innovative, automated technology to work smarter, not harder.”
Elad Gil, a serial entrepreneur and former Twitter executive, led the Series A round along with David Sacks’ Craft Ventures. Marc Benioff, Caffeinated Capital, Operator Collective, and Nine Four Ventures also participated.
With the new financing, AgentSync claims its valuation has reached $220 million – 10 times higher than after its seed funding round in the middle of 2020. The Colorado-based startup launched in 2018.
AgentSync Manage is the company’s first product. It uses automation and technology with a focus on producer management and licensing compliance. Built on the Salesforce platform and direct integration with NIPR (National Insurance Producer Registry), it is designed to create massive efficiencies and enable carriers, agencies, and MGAs to grow and scale. AgentSync has 100 percent customer retention so far, with early customers including Hippo Insurance, Lemonade, Hub International, Embroker, iptiQ (a subsidiary of Swiss Re), Beam Dental, Centene, and Rippling, according to the company.
The comprehensive platform AgentSync is developing – with tools both upstream and downstream of its core licensing compliance product – position the company to meet the industry’s full range of needs, it said.