(Image source: TrustLayer website.)
TrustLayer (San Francisco), a collaborative risk management platform, has completed a $6.6 million seed round of financing. Abstract Ventures (San Francisco) led the investment along with Propel Venture Partners (San Carlos, Calif.), NFP Ventures (New York), and Precursor Ventures (San Francisco). Twenty of the top 100 insurance agencies in the U.S., as well as their C-suite executives, also participated in the round, including Holmes Murphy, Heffernan, M3, NFP and Graham Company, according to a TrustLayer statement. BrokerTech Ventures (BTV), a group made up of 13 insurance agencies in the U.S. and 1 insurance companies, is also a participant in the seed round. This represents BTV’s first investment in a cohort member of its accelerator.
TrustLayer reports that it will use the funding to scale operations to meet the demands of its growing customer base. The capital will also support an expansion of sales and marketing efforts, the development of its digital proof of coverage solution with The Institutes RiskStream Collaborative (the largest blockchain insurance consortium in the U.S.), and integrations with many insurance carrier systems of record, the TrustLayer statement says.
The seed financing comes after a year of considerable growth for TrustLayer that included in industries such as construction, property management, sports and hospitality, the company statement says. TrustLayer says it also developed new commercial relationships with several of the top 100 brokers and carriers in the U.S. Partnerships formed with insurance and risk industry groups and networks such as BrokerTech Ventures (BTV), The Institutes/RiskStream, Beyond Insurance and MarshBerry, are also playing a large role in expansion success, according to the statement. The company says its next phase of growth will be directed at rapid scaling in new and existing industries as well as progress towards the vision of a real-time proof of insurance solution for businesses of all sizes, across all industries.
“We’re honored to have the support of so many of the top 100 insurance brokers,” comments John Fohr, co-founder and CEO, TrustLayer. “Verification of insurance and business credentials is a pain point for millions of businesses and demands a solution that is automated and secure.”
“We continue to be impressed and encouraged by the momentum and industry adoption of the TrustLayer technology and risk management platform,” comments Dan Keough, Chairman and CEO of Holmes Murphy and co-CEO of BrokerTech Ventures. “We view TrustLayer’s involvement in our inaugural BrokerTech Ventures Accelerator program as a catalyst for them to become the information clearinghouse for the insurance industry, and we are delighted to be a part of their capital raise and continued success.”
“We are excited to back TrustLayer as they modernize the insurance stack, starting with compliance automation and digital proof of coverage,” comments David Mort, partner, Propel Venture Partners. “The customer and investor interest from leading brokerages validates TrustLayer’s approach and we look forward to working with all to transform the way the insurance industry shares information.”