InsurTech Start Up, Coterie Raises $50M in Series B Funding
Coterie, an Insurtech startup has raised $50M in a Series B financing round led by Weatherford capital.
Insurtech startup, Coterie Insurance has secured $50 million in Series B funding round. The Business Journals reports. Coterie is a digital platform that delivers insurance solutions to small businesses, gig workers, and contractors.
The Blue Ash-based insurtech startup streamlines the entire insurance process by combining modern technologies with data and insurance expertise. The funding round was led by Weatherford Capital with other investors RPM Ventures, Intact Ventures, Group 1001, and Alpha Edison.
This funding is significant for the company as it comes months after the startup closed another multimillion-dollar raise. This funding has increased the amount of capital possessed by the company up to $61.5 million.
InsurTech refers to the specific technology used in the insurance industry such as digital payments processing software, customer communication, and claims processing apps, etc. InsureTech and Fintech are quite similar to some extent. But FinTech incorporates a broader scope including other financial institutions. Such as banks, financial planners and accountants, etc.
Initially, Coterie focused on non-traditional channels, working with the platforms like Intuit Quickbooks and Thryv to deliver business insurance. It has since broadened with solutions for brokers and independent agents enabling them to more seamlessly sell and provide its services to small business insurance.
David McFlared while talking to The Business Journals highlighted the success of the startup saying that more than, 2,000 agents and brokers have used Cortorie’s product. McFlared also indicated that the company is willing to accelerate its fundraising process.
“Because of the success we’ve seen, we decided to accelerate the fundraising process,” he said. “We’ve been able to build some products that our agents and brokers really like.”
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