Aclaimant Raises $15 million in Series B Financing Led by Next Coast Ventures

The new funds for the insight-driven workflow platform for safety and risk management will be used for product innovation, hiring, and accelerated client acquisition and sales, as well as marketing and partnership development.

(Image source: Aclaimant website.)

Aclaimant (Chicago), an insight-driven workflow platform for safety and risk management, has announced that it has raised $15 million in Series B equity and debt funding led by Next Coast Ventures (Austin, Texas), bringing the company’s total funds raised to over $20 million. Adam Rogers, former CEO of Ultimate Software, and existing investors Mercury Fund, KEC Ventures, Royal Street Ventures, and Aspen Capital Group also participated in the round.

David Wald, CEO and Co-Founder, Aclaimant.

Aclaimant reports that the Series B financing follows a year of significant growth and momentum. In 2020, Aclaimant reported its best revenue and increase in customers so far. The company’s monthly active users in the platform and system usage increased by over 400 percent in 2020, the company says.

Aclaimant reports that it will use the new funds to focus on product innovation, increase hiring across all departments, and accelerate client acquisition and sales, as well as marketing and partnership development. Aclaimant says it will continue to add key talent across the risk management spectrum to grow and expand its in-house subject matter expertise.

“Since our founding, we’ve strongly believed that organizations can reduce their cost of risk while providing a safer environment for employees,” comments David Wald, CEO and co-founder, Aclaimant. “With safety as a key priority for organizations in today’s landscape, this commitment is as strong as ever. We’re proud of the trust and respect we’ve earned in the industry, and we’re looking forward to bringing our innovative products to the mass market with the help of our investor partners.”

The vendor notes that a recent survey found that two-thirds of employees are worried about their health and safety when it comes to returning to the workplace amid COVID-19. As vaccines roll out worldwide, the “return to work’” dynamic is centrally focused on keeping employees safe on the job—a mission that is well-aligned with Aclaimant’s expertise, the company says. Aclaimant says its platform is designed to help organizations actively manage risk while improving the claims management process. With its fresh capital, the company says, it will continue building innovative technologies that keep employees safe at their worksites across multiple industries, including construction, manufacturing, staffing, real estate, and hospitality.

Thomas Ball, Partner, Next Coast Ventures.

‘Legacy players shouldn’t have all the fun’

“David and the Aclaimant team have built an unbelievable platform and assembled the right team to tackle this opportunity,” Thomas Ball, Partner, NextCoast Ventures. “Together, they are bringing much-needed innovation to the risk management and insurance space subsisting of old, outdated technologies. Aclaimant is empowering risk managers to take control of their systems, data and processes. Aclaimant is the future of active risk management. The legacy players shouldn’t have all the fun. This is about empowering every company to take active risk management into their own hands and to truly improve their organizations from the inside out.”

Aclaimant reports that the company’s senior management team, including co-founders Wald, Joel Friedman, and Michael Schultz, will continue to lead the company. As part of the round, Thomas Ball, Partner, Next Coast Ventures, will join the company’s board as a director, Kathy Burns, Chief Digital Officer at Ryan Speciality, will join the company’s board as an independent director, and Adam Rogers will join the company’s board as an observer.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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