Snapsheet Closes $29M Series E Funding Round

The funding will be used to accelerate the delivery of the claims platform for all lines of property/casualty, further invest in advanced analytics, and expand the team to expand globally. 

(Image source: Snapsheet homepage.)

Snapsheet (Chicago), a provider of virtual claims technology for the personal and commercial insurance marketplace, has announced that it has closed $29 million in a Series E funding round led by Tola Capital (Seattle). Snapsheet reports that  funding will enable it to accelerate the delivery of its end-to-end SaaS claims platform for all lines of property/casualty, further invest in advanced analytics capabilities and expand the team to serve clients globally.

Brad Weisberg, CEO, Snapsheet.

“Snapsheet has digitized the entire claims process,” comments Brad Weisberg, CEO and founder, Snapsheet. “In the last few years, we have advanced our cloud-based claims and analytics solutions. This is no longer just for auto, but across all P&C lines. The evolution of where we are going is making our technology available to clients as SaaS claims solutions.”

“We have helped to lead a digital and data-driven revolution that is transforming how our clients engage with their customers and stakeholders across the auto claims ecosystem,” Weisberg adds. “Now, we are accelerating and expanding our proven technology, software, and processes. This continues to make a real impact on the auto claims process, but there is so much more that we can do for our clients.”

With this round, Snapsheet has raised a total of $71 million. In addition to Tola Capital, the Series E round includes participation from new investors, including Nationwide (Columbus, Ohio), Sedgwick (Memphis, Tenn.), and State Auto Labs (Columbus, Ohio) with participation from existing investors Liberty Mutual Strategic Ventures (Boston), F-Prime Capital (Cambridge/London), OCA Ventures (Chicago) and an affiliate of USAA (San Antonio).

Sheila Gulati, Managing Director, Tola Capital.

Better Experiences for End-Customers

“Our insurance carrier customers and partners are experiencing incredible benefits from Snapsheet’s end-to-end digital claims workflow, leveraging the best software and data innovation to produce better experiences for end-customers,” comments Sheila Gulati, Founder and Managing Director, Tola Capital and Snapsheet Board Member. “Every interaction is an opportunity to create greater customer satisfaction and loyalty, and Snapsheet’s platform yields both as it streamlines claims experiences for end-customers.”

FT Partners served as the exclusive strategic and financial advisor to Snapsheet and its board of directors in the transaction.

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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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