Denver-based insurtech firm AgentSync has attained unicorn status after raising $75 million in a Series B round, which pushed the company’s value to $1.2 billion.
The funding was led by Valor Equity Partners, with participation from Craft Ventures, Tiger Global, Atreides Management, Anthemis, and existing investors. The latest round brought the total financing raised by the company to $111.1 million.
The firm provides insurance companies with a producer management platform.
“The overwhelming industry enthusiasm and customer traction for AgentSync make it clear that the future of insurance distribution will be powered by AgentSync,” said Antonio Gracias, chief executive officer of Valor Equity Partners. “[The company has] proven that there is a much larger market to serve that goes beyond licensing compliance. The products they’re building upstream and downstream of the core AgentSync producer management solution position the company as the clear leader.”
Since raising its first round of seed capital 17 months ago, AgentSync’s valuation has grown significantly, experiencing 3.5 times year-over-year annual recurring revenue (ARR) growth.
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In a statement, AgentSync said that the new funding will be used to enhance the capabilities of its producer management platform and to expand its suite of solutions for agencies, managing general agents, carriers, and “the more than 1.2 million Americans working in insurance distribution.”
“The measure of success for every company is the value that it drives for its customers,” said Niji Sabharwal, co-founder and CEO of AgentSync. “In our case, the partnership with our customers drives innovation at a deep level for both their business operations and for the broader broker ecosystem.”
“This is an exciting milestone for AgentSync, but in many ways is just the beginning,” he added. “With more modern, tech-powered infrastructure powering the back-office, the entire insurance industry will run more efficiently. Our hope is that insurtech infrastructure companies like AgentSync will fuel the next wave of innovation across every facet of the insurance industry.”
To support its rapid growth, the insurtech firm said it would double its size, ending 2022 with a workforce of approximately 200. The company added that it would focus hiring on the Denver market, with some team members assigned remotely.
AgentSync also said that it would continue to prioritize building a majority-women product and engineering team, a goal co-founder and chief technology officer Jenn Knight have been working hard for.
