(Image source: Capitola homepage.)
Capitola (Mountain View, Calif.0, a digital marketplace for commercial insurance that connects brokers and carriers and uses AI-based risk appetite matching to streamline the placement process, announced that it has raised $15.6 million in its Series A funding round. Led by Munich Re Ventures (San Francisco), 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 round adds to a $5M Series Seed round raised in 2021 that was led by Lightspeed Venture Partners (Menlo Park, Calif.), who also participated in this round, according to a statement from Capitol and Munich Re Ventures.
Sivan Iram, co-founder and CEO, Capitola.
“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,” comments Sivan Iram, co-founder and CEO, Capitola. “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.”
With Capitola’s smart placement and market intelligence platform, firms can now transform how broker teams work, the joint statement says. The statement elaborates by saying that the platform:
- Saves time and increases productivity with simplified and streamlined workflows
- Provides smart market recommendations based on AI (artificial intelligence) driven risk appetite matching
- Easily organizes and manages hard-to-place risk and multi-layered programs with intuitive tools
- Creates advanced client reports and proposals using customized templates
Oshri Kaplan, Managing Director, Munich Re Ventures.
“The U.S. specialty risk market has grown exponentially over the last few decades and would benefit from a digital marketplace that streamlines processes and expands the option for insurance placement,” comments Oshri Kaplan, managing director, Munich Re Ventures. “We are excited by Capitola’s approach to this opportunity and are thrilled to support their journey.”
“As active investors in the Insurtech space, we were immediately excited by Capitola’s vision to revolutionize the commercial insurance distribution network,” said Yoni Cheifetz, Partner at Lightspeed. “We truly believe their strong team can realize this ambitious vision.”
“Our broker teams are at the heart of our organization, and it’s a priority for us to provide them with the tools that would make them more productive and happier,” says Mike Heffernan, president and CEO at Heffernan Insurance, a Capitola customer. “Capitola’s solution has impressed us with its ability to solve our brokers’ key pain points and increase the performance of our teams.
Capitola was founded in 2021 by Naor Rosenberg (CTO), Amit Ben Nathan (CPO) and Sivan Iram (CEO).