Capitola, a Mountain View, CA-based digital marketplace for commercial insurance that connects brokers and carriers and uses AI-based risk appetite matching to streamline the placement process, raised $15.6 million in its Series A funding.
The round was led by Munich Re Ventures, this round will be used to grow Capitola’s platform with an emphasis on its market intelligence capabilities and to accelerate sales in the U.S.
“The insurance industry has seen many technological advancements over the years, but very little attention has been given to the insurance professionals and the tools they use,” said Sivan Iram, Capitola’s co-founder, and CEO. “Capitola’s mission is to help insurance professionals deliver exceptional client service and coverage. Our platform brings together brokers and underwriters, removing many of the operational inefficiencies around manual processes and repetitive tasks to allow them to focus on what they do best. We’re thrilled to have the support of Munich Re Ventures, Lightspeed, and our other investors as we continue to grow our team, develop innovative solutions, and expand our impact on the insurance industry.”
The Capitola platform organizes and manages complex, hard-to-place, and multi-layered programs with intuitive tools, creates customized client reports and proposals using automation features and finds the right markets with up-to-date, AI-driven market intelligence.
Company: Capitola Insurance Services LLC
Raised: $15.6M
Round: Series A
Funding Month: April 2023
Lead Investors: Munich Re Ventures
Additional Investors:
Company Website: https://www.capitola-ins.com/
Software Category: Commercial Insurance Software
About the Company: Capitola was founded in 2021 by Naor Rosenberg, Amit Ben Nathan, and Sivan Iram, with a clear vision in mind: build the technology that empowers insurance professionals to broker better., Capitola is a smart digital marketplace for brokers and carriers to manage commercial risk across the property, casualty, and specialty lines through placement process automation and AI-driven risk appetite matching. The Capitola productivity and market intelligence platform transform how broker teams work, saving time and eliminating errors with simplified and streamlined placements.
Source: https://www.businesswire.com/news/home/20230417005052/en/Capitola-Secures-15.6M-in-Series-A-Funding-Round-Led-by-Munich-Re-Ventures-along-with-Lightspeed-Venture-Partners