We are delighted to announce we are investing in the Series B financing of Embroker, a digital broker for commercial lines insurance based in San Francisco.
The US commercial insurance industry is worth $200bn+ and is highly inefficient. Companies need the skills of a broker to help them find the right cover, but traditional brokers are heavily reliant on manual, paper-based processes which can make the insurance buying process painful for customers.
Embroker puts the human broker's advisory skills at the centre of their proposition to the customer and uses technology throughout the organisation to automate manual processes and offer a superior digital experience.
Embroker is also beginning to offer its own fully digital insurance products as a managing general agent (MGA) and has recently launched a proprietary Cyber / Errors & Omissions policy and also offers the first fully digital Directors and Officer's product in the USA.
These products meet the needs of the high-growth technology companies that Embroker focuses on and that are currently being overlooked by many traditional carriers.
We have been very impressed by the business that CEO Matt Miller and his team have built. We are excited to work with them in their next phase of growth as they launch further proprietary products and expand their target customer base.
The capital infusion will drive the expansion of Embroker’s platform well into the coming months, said CEO and founder Matt Miller, and it comes after a blockbuster year during which the company provided more than $1 billion in liability coverage to technology companies. (Embroker estimates that it currently works with more than 5% of all active VC-backed tech companies in the U.S., a share it’s projecting will double by year-end.) In 2018, it tripled revenue across its customer base of over 2,500 companies, moreover, and says it’s on track to more than double revenue in 2019.