Insuretech Outmarket raises $34.5M just months after prior round
techcrunch ·
Insuretech startup Outmarket has raised $34.5 million in a Series B funding round led by SignalFire, with participation from Fika Ventures, Permanent Capital Ventures, TTV Capital, and Dash Fund. This investment comes just four months after the company's $17 million Series A, valuing the firm at $355 million. Founded by Vishal Sankhala, who previously led product at Ethos Insurance, Outmarket utilizes artificial intelligence to automate tedious paperwork for insurance agencies and brokers. The platform specifically targets commercial insurance, helping firms navigate complex coverage options such as general liability and workers' compensation. By handling administrative tasks, the tool allows brokers to focus on high-value human interactions like emergency response. Since launching its new product 14 months ago, Outmarket has attracted over 300 insurance agencies, including 25% of the top 100 firms. Despite competition from other AI-focused startups like Fulcrum AI and Further AI, Sankhala sees significant growth potential in the trillion-dollar U.S. property and casualty market.
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