MTech Capital has invested in Bold Penguin's Series A1 round. We are very pleased to announce Bold Penguin as our latest portfolio investment.
Bold Penguin is an electronic exchange and marketplace for SMB commercial lines insurance in the U.S.
The Bold Penguin platform is a highly efficient commercial insurance exchange that connects independent agents/brokers with carriers in record time. SMBs get the coverage they want at competitive rates, and agents/brokers are able to comprehensively fulfil a customer's insurance needs, even for lines of business outside their traditional focus.
Brokers using the platform have doubled their quote yield using Bold Penguin.
At present, distribution in the U.S. SMB market is highly inefficient. Agents/brokers turn away opportunities to place lines of business that are a poor fit or too small and therefore uneconomical. The manual application process and ‘hit or miss’ aspect of identifying carriers is both inefficient and ineffective.
Bold Penguin's platform has already had an impact on SMB commercial lines insurance distribution and is working with leading carriers including CNA, Progressive and Nationwide.
We are excited to be backing a high quality management team that is offering a solution to one of the insurance industry's hard problems.