Veruna Closes $6 Million Equity Funding Round

The funding will be used to support Veruna’s ongoing product development, focusing on additional new business workflows and capabilities for agents and brokers looking to improve sales.

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Veruna (Boston), developer of an agency management system built on the Salesforce platform, has announced that the company has raised $6 million in a new round of equity funding. Led by Keystone Insurers Group (Northumberland, Pa.) and EMC Insurance (Des Moines), the new round’s funding will be used to support Veruna’s ongoing product improvement efforts, which will focus on additional new business workflows and capabilities for agents and brokers looking to improve sales. The company also plans improvements related to quoting, binding, and submissions, as well as expanded accounting capabilities.

David E. Boedker, President and CEO, Keystone.

“Since our first investment in 2016, Keystone has viewed Veruna as the ‘future of the agency management system,’” comments David E. Boedker, president and CEO, Keystone. “Keystone is committed to financially backing Veruna, not only with this most recent round of capitalization, but into the future, ensuring Veruna’s business direction and velocity remain unaltered and that Veruna is never a victim of the ‘capture & kill’ philosophy that has taken so many competitors out of the AMS space over the years.”

Veruna describes its approach to agency management as coupling the exceptional customer relationship management (CRM) capabilities of Salesforce with specific insurance industry expertise to deliver higher levels of mobility, flexibility, customization, and integration. Veruna markets itself as the industry’s only AMS designed by independent agents on an open platform architecture for the superior flexibility agents and brokers need to sell more and relate with customers better.

Jennifer Carroll, CEO, Veruna.

Pressure of Constant Innovation

“This additional investment by our long-time supporters is a tremendous vote of confidence in Veruna,” comments Jennifer Carroll, CEO of Veruna. “The traction and customer success we have already gained in the marketplace, as well as the product milestones to date, differentiate Veruna from legacy competitors who are starting to feel the pressure our constant innovation creates. We are thankful to have so many dedicated champions throughout the industry.”

As part of the long-range planning behind the funding round, Phil Lucca, chief field officer of EMC, will be joining the Veruna board of directors.

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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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