Coterie Insurance raised $50 million to help fuel a widespread launch of its digital platform for small business insurance. Allstate joined a $47 million venture capital round for Stride, an InsurTech focused on a portable benefits platform designed for independent workers to help them save time and money on insurance and taxes.
Coterie Insurance, an MGA InsurTech focused on small business insurance, has raised $50 million that will help fuel widespread scale-up of its digital platform.
Including the new Series B round, the Ohio-based startup has raised $75 million since launching in 2018.
Weatherford Capital led the round alongside existing investors RPM Ventures, Intact Ventures, Group 1001, and Alpha Edison.
Plans call for using the funding to expand Coterie’s mission and operations, with a focus on small and micro-businesses.
“While over 90 percent of companies in the U.S. are small businesses, they remain underserved when it comes to insurance, leaving them vulnerable to unexpected risks. Coterie is reimagining small commercial insurance and this latest round of funding skyrockets our ability to deliver the most robust solutions and streamlined processes for insurance agents, partners, and small businesses,” David McFarland, Co-Founder and CEO of Coterie Insurance, said in prepared remarks.
Coterie explains its platform as combining insurance expertise and innovative data analytics to simplify small business insurance, enabling the quoting and binding of policies in minutes, all online. The company said that digital insurance platforms “are able to leverage Coterie‘s simple, easy to integrate APIs, to further streamline the quoting and binding experience.”
Allstate joined a $47 million venture capital round for Stride, an InsurTech focused on a portable benefits platform designed for independent workers to help them save time and money on insurance and taxes.
King River Capital led the round, which included participation from Mastercard, and previous investors Venrock, NEA, and Fidelity’s F-Prime Capital. To date, the San Francisco-based startup has raised $96 million.
Funding will be used to expand Stride’s work in building a portable benefits system for every American who lacks employer-sponsored benefits, including gig economy workers, freelancers, independent contractors and part-time employees. Stride’s partnership ecosystem has expanded to 120-plus companies including Uber, Amazon, DoorDash, Instacart, Grubhub, Etsy, Patreon, Keller Williams, and a just-announced partnership with Gopuff.
The investment from Allstate includes a partnership to expand the insurance benefits available on Stride and expand healthcare benefits access to Allstate customers.
The funding included new angel investors Bruce Perkins (former President of Healthcare Services at Humana), Chet Burrell (former CEO of CareFirst), Aneesh Chopra (the first Chief Technology Officer of the United States), Jonathan Bush (founder of AthenaHealth), and Kevin Nazemi (cofounder of Oscar Health Insurance).
Sources: Coterie, Stride