Congratulations to our portfolio company Matic on their successful Series B financing. Matic is a digital insurance agency that sells homeowners, auto and life insurance through channel partnerships with mortgage servicers, mortgage brokers and other digital channels.
Matic raised $24m. The round was led by new investor IA Capital. Existing investors participated, including MTech Capital.
MTech Capital initially invested in Matic in July 2019. Since then, the Company has successfully expanded their affiliate distribution partnerships and carriers on their platform. We look forward supporting the team further as they continue to grow their business.
The new funding will support the growth of Matic’s partnerships and integrations with insurance carriers and distribution partners across emerging channels and verticals. Matic’s proprietary technology reduces the time it takes to compare and purchase policies from an average of two to three days to less than 10 minutes, expediting loan closings and helping mortgage customers save money. In addition to fueling their recent expansion into auto and life insurance, the new funding will support partnerships outside of the mortgage industry. Matic was recently awarded a contract with a top five global financial institution to deploy their insurance solutions across origination, servicing, and banking client channels.