Digital insurance network Agentero has announced that it has raised $13.5 million in a Series A funding round led by Alma Mundi Ventures. Existing institutional investors, including Foundation Capital, Union Square Ventures, Financial Venture Studio, and Two Culture Capital, also participated in the round.
Agentero, founded in 2017, combines insurance agents’ existing data with third-party information sources to identify new business and cross-selling opportunities. Agentero then connects agents with carriers to instantly quote and to provide communication and automation tools to help them efficiently write more new business.
“Agents are the present and future of insurance distribution, and they must become more digital,” said Luis Pino, CEO of Agentero. “Our technology strengthens their ability to use data analytics to write new policies with an end-to-end digital experience for their customers. Independent agencies want access to modern carriers, and there’s no better digital solution than Agentero to take advantage of today’s best insurance products and technology.”
Agentero currently works with more than 800 independent agencies. Through its panel of insurance carriers, it provides access to homeowners, auto, renters, umbrella, business owners policies, general and professional liability, workers’ compensation, flood and life insurance. The company continues to add carriers and additional lines of insurance.
Read next: Novidea completes $15 million funding round
“At Mundi Ventures, we invest in companies that not only provide products that people and businesses want, but also have the power to transform industries,” said Rajeev Singh-Morales, founder and managing partner of Alma Mundi Ventures. “Agentero, with its focus on strengthening agents’ abilities to compete in today’s digital market using analytics and access to insurance products, is making a big impact on the insurance industry. We believe that Luis Pino and his team are outstanding and have the ability to execute this vision successfully.”