Total amount raised
$142.4 Millions
Latest funding date
Location
Embroker has successfully raised significant funding across multiple rounds, attracting notable investors such as Bee Partners and HSCM Bermuda. The platform leverages technology and broker expertise to offer tailored business insurance solutions.
Keep reading to explore the intricacies of Embroker's fundraising journey and the investors backing this innovative platform.
What Is Embroker?
Embroker, founded in 2015 by Matt Miller and Yotam Shacham, is headquartered in San Francisco, California, with additional offices in Chicago and Boston. The company specializes in providing tailored business insurance solutions, leveraging technology and broker expertise to offer a range of products including Cyber Insurance, Directors & Officers Insurance, and more.
Embroker aims to simplify the insurance process for growing businesses, helping them save time and find the best value on the right coverage. The platform offers bundled insurance packages for various industries, ensuring comprehensive protection.
With a team of 101-250 employees, Embroker continues to innovate in the $800 billion property and casualty insurance market, making it easier for businesses to secure the coverage they need.
How Much Funding Has Embroker Raised?
- Seed Round
- Amount Raised: $2.2M
- Date: August 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial product offerings.
- Series A
- Amount Raised: $12.2M
- Date: May 2016
- Lead Investors: Canaan Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the technology platform.
- Series B
- Amount Raised: $28M
- Date: December 2018
- Lead Investors: Tola Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series C
- Amount Raised: $100M
- Date: June 2021
- Lead Investors: FTV Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into a full-stack insurtech by building its own insurance carrier.
Total Amount Raised: $142.4M. Current Valuation: Not publicly disclosed.
Key Investors
- FTV Capital
- Details: FTV Capital is a growth equity investment firm that partners with high-growth companies in enterprise technology and services, financial services, and payments and transaction processing. They have over two decades of experience in fintech investing.
- Investment Focus Areas: Fintech, enterprise technology, payments and transaction processing.
- Notable Investments: InvestCloud, VPay, Strata Decision Technology.
- Tola Capital
- Details: Tola Capital is an investment firm focused on enterprise software companies that leverage data and analytics to drive innovation and growth. They aim to modernize industries through technology.
- Investment Focus Areas: Enterprise software, data and analytics.
- Notable Investments: WorkFusion, InfluxData, DataRobot.
- Canaan Partners
- Details: Canaan Partners is a venture capital firm that invests in early-stage technology and healthcare companies. They have a long history of supporting innovative startups.
- Investment Focus Areas: Early-stage technology, healthcare.
- Notable Investments: LendingClub, Ebates, Prime Medicine.
- Bee Partners
- Details: Bee Partners is an early-stage venture capital firm that invests in technology and innovative startups. They focus on supporting founders with unique insights and disruptive ideas.
- Investment Focus Areas: Early-stage technology, innovative startups.
- Notable Investments: Not publicly disclosed.
- HSCM Bermuda
- Details: HSCM Bermuda is an investment firm focused on the insurance and reinsurance sectors. They invest in companies that leverage technology to drive innovation in these industries.
- Investment Focus Areas: Insurance, reinsurance, technology-driven companies.
- Notable Investments: Not publicly disclosed.
What's Next for Embroker?
Embroker is poised to capitalize on the growing demand for streamlined, digital-first insurance solutions. With plans to expand into a full-stack insurtech by building its own insurance carrier, the company aims to replicate its success in under-serviced business segments. The U.S. market alone offers substantial opportunities, with venture-backed startups paying over $1 billion in premiums annually.
Future fundraising rounds seem likely as Embroker continues to grow and innovate. However, the company will need to navigate the complexities of overhauling outdated industry systems and maintaining high customer satisfaction. Competing with established insurance giants will also be a significant challenge as they scale their operations.
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