Bold Penguin, a digital exchange for commercial insurance, has raised a $32m Series B round to bring their agent-facing platform to the largest carriers in the US.

New investors in this round include growth equity firms like Hudson Structured Capital Management and Lightstone along with individuals from Stone Point Capital. MTech Capital invested in Bold Penguin Series A-1 round in early 2019 and also participated in this round of financing.

The company has seen strong demand for their offering from large carriers including Progressive and Nationwide Insurance. This investment round will help the company scale their team to meet the demand for their product from other large carriers and allow Bold Penguin to further develop their offering for agents and brokers.