Embroker raises $28M led by Tola Capital to grow digital insurance platform
Embroker, a San Francisco-based digital insurance broker for companies, has raised $28 million in a Series B funding round led by Tola Capital.
Existing investors participating in the round included Canaan Partners, Bee Partners, Manulife Capital Ventures, Nyca Partners and XL Innovate.
"Embroker will use the proceeds to significantly scale operations across the U.S. as well as build out proprietary insurance policies that are tailored for specific industries — such as Embroker’s directors and officers insurance coverage for technology startups," CEO Matt Miller told Mobile Payments Today via email.
Embroker allows customers to choose a policy from more than 50 commercial insurance firms and get data-driven guidance from Embroker insurance advisors, each specializing in different industries. Founded in 2016, the company today serves 2,500 companies with workforces ranging from 10 to 1,000 employees.
In 2018, Embroker launched a program called the Embroker Startup Program, a suite of proprietary insurance policies custom-built for the technology industry. The company allows companies to buy directors and officers liability insurance and employee practices and liability insurance for an average of 20 percent less than typical rates.
The company said its revenues tripled in 2018 from the year before and are expected to double in 2019, but did not provide specific revenue figures.
Embroker also said in the release that it has named Bill Veghte, former chief operating officer at HP, former chief executive at Survey Monkey and former senior vice president at Microsoft, to its board of directors.