Digital insurance broker Mylo has raised US$28 million in a Series A funding round led by Guggenheim Partners, the company has announced.
Mylo was launched in 2015 by Lockton Companies to give small businesses and individuals a quick, convenient way to get customised advice, consult with licensed agents, or compare and purchase insurance products online.
Guggenheim’s investment will allow Mylo to accelerate its current business strategy and implement new tactics to achieve success, the company said.
“The Mylo team has done amazing work in building a foundation for growth over the past three years,” said David Embry, CEO of Mylo. “Guggenheim’s investment will allow us to take Mylo to the next level through new strategic partnerships and innovative product and service offerings that help us reach more customers and offer smarter coverage.”
Lockton Companies will remain Mylo’s majority investor, the company said.
“This outside investment validates Mylo’s business strategy and will help support its success in disrupting the insurance marketplace,” said David Lockton, chairman of Lockton Companies.
“The combination of Mylo’s technological capabilities, its unique distribution strategy and Lockton’s legacy of excellence in insurance distribution led us to make this investment in Mylo,” said Micky Hervitz, a director at Guggenheim partners. “We view this investment as a long-term commitment to Mylo as Lockton works to bring digital solutions to improve the personal and small-business insurance-purchasing process.”