Korr, a New York-based insurtech startup with a mission to fill a gap between the insurance industry and the modern technological landscape, has closed a $3.2 million seed funding.
SaaS Investors
The round was led by Motive Ventures, along with participation from Tokio Marine Future Fund.
Motive Ventures, the early-stage investment arm of Motive Partners, is focused on pre-seed through to Series A financial technology investments in North America and Europe. Motive Ventures, based in Berlin, Amsterdam, London, and New York, brings differentiated expertise, connectivity, and capabilities to create long-term value in financial technology companies.
Korr Use of Funds
The company will use the funding to support its ongoing transformation initiatives and platform development.
Korr, founded in 2021, focuses on modernizing insurance technology through its cloud-native core operating system. The platform is designed to help insurance carriers migrate on-premise legacy systems to the cloud, improving customer experience and reducing operational expenditure. Korr aims to address the challenges faced by insurance carriers and provides a flexible solution for modernizing their existing infrastructure.
Funding Details
Company: Korr Technologies NYC, LLC.
Raised: $3.2M
Round: Seed Round
Funding Month: January 2024
Lead Investors: Motive Ventures
Additional Investors: Tokio Marine Future Fund
Company Website: https://www.korr.co/
Software Category: Insurance
Source: https://www.prweb.com/releases/korr-secures-3-2-million-in-seed-funding-to-modernize-insurance-with-cloud-native-technology-302031344.html