Embroker Raises $100 Million for Business Insurance Platform Expansion

Embroker, the digital business insurance platform that makes getting insured radically simple, announced today that it had raised $100 million in Series C funding. The round was headed by FTV Capital, with participation from HSCM Bermuda and Gaingels and Tola Capital, Canaan Partners, Bee Partners, and MassMutual Ventures. Embroker intends to use the new funding to develop its insurance carrier, transforming the company into a full-stack insurtech.

Embroker's revolutionary platform and products are generating significant market growth and creating industry-leading customer satisfaction. Embroker exceeded $20 million in gross written premium for the first quarter of 2021 across all products and achieved over 100% retention. Year to date, the company's digital products have expanded more than 300 percent, garnering an NPS score of 77. This latest funding announcement will support Embroker Access, a vital component of the company's platform that enables retail and wholesale brokers to deliver Embroker's digital insurance products to customers.

Embroker uses new data-driven underwriting algorithms to analyze better risk and design policies and premiums that protect companies from that risk. This one-of-a-kind algorithmic-based risk management reduces premiums for businesses by up to 20%. The Embroker experience is both digital and personal, depending on whether customers want the convenience of technology or the guidance of experts. Embroker's digital insurance products are underwritten quickly by Embroker's insurance platform and fully backed by A+ rated reinsurers such as Munich Re and Everest Re.

About Embroker
Embroker is revolutionizing commercial insurance by making it very simple for businesses to find the best insurance at the most excellent price. Embroker specializes in industry-specific coverage for the most complicated and inefficient insurance lines, such as Directors and Officers, Employment Practices Liability, Cyber, and Professional Liability. Embroker offers patented technology and predictive modeling to automate underwriting and make the buying process easy, fast, and affordable. Embroker Access enables Embroker's partner agencies and wholesalers to sell all of Embroker's industry-leading insurance products to their customers. Embroker, founded in 2015 and located in San Francisco, has secured more than $140 million in funding from major Fintech and Insurtech investors.