Last month, YEC member company Embroker raised $12.2M in a Series A funding round. Led by founder and CEO Matt Miller, Embroker is a business insurance company that provides a data-driven brokerage experience for small and midsize businesses.
The funding was led by Canaan Partners with participation from Nyca Partners and XL Innovate, as well as prior investors Bee Partners, FinTech Collective, Vertical Venture Partners and 500 Startups.
Embroker allows users to upload their policies so that they can better understand their coverage and compare plans with their peers. The company then uses its own data and predictive analytics to recommend insurance coverage at the optimum price. Based in San Francisco, Embroker plans to use the funding to transform the insurance industry.
“This industry has needed more transparency since its inception — now it’s possible to use technology to achieve that end,” said Miller in BusinessWire. “Getting the right insurance coverage at the right price is key to the health and success of every business but, until now, all but the largest corporations have relied on traditional insurance brokers and outdated, manual processes to make those critical business decisions. By bringing clarity and simplicity to what’s traditionally been an opaque and painful process, we’re enabling business owners to embrace insurance and risk management as tools for growth rather than obstacles.”
Embroker has been named one of 24 companies shaping InsuranceTech globally by Let's Talk Payments.
Read more in this BusinessWire post detailing the news, here.