Capitola, the digital platform that uses artificial intelligence (AI) to assess risk appetite to help connect brokers and insurance companies, has today [17 April 2023] announced that it has raised US$15.6m (£12.5m) in a Series A funding round.
The funding will be used to grow Capitola’s platform with an emphasis on its market intelligence capabilities and increase its US market presence.
The round was led by Munich Re Ventures and adds to a US$5m (£4m) seed round in 2021, which was led by Lightspeed Venture Partners.
“The insurance industry has seen many technological advancements over the years, but very little attention has been given to the insurance professionals and the tools they use,” said Sivan Iram, Capitola’s co-founder and CEO.
“Capitola’s mission is to help insurance professionals deliver exceptional client service and coverage. Our platform brings together brokers and underwriters, removing many of the operational inefficiencies around manual processes and repetitive tasks to allow them to focus on what they do best.
“We’re thrilled to have the support of Munich Re Ventures, Lightspeed, and our other investors as we continue to grow our team, develop innovative solutions and expand our impact on the insurance industry.”
Capitola’s smart placement and market intelligence platform was developed to help firms transform how broker teams work by saving time with streamlined workflows, providing smart market recommendations using AI, organising risk and multi-layered programs and developing client reports and proposals using customised templates.
“The US specialty risk market has grown exponentially over the last few decades and would benefit from a digital marketplace that streamlines processes and expands the option for insurance placement,” said Oshri Kaplan, managing director at Munich Re Ventures. “We are excited by Capitola’s approach to this opportunity and are thrilled to support their journey.”