Capitola, the digital marketplace for commercial insurance that connects brokers and carriers and uses AI-based risk appetite matching to streamline the placement process, has raised $15.6 mn in its Series A funding round.
Capitola was founded in 2021 in California, with its R&D center in Tel Aviv. We are proud to have some of the world’s best insurance investors and advisors, and are dedicated to serving the broker and carrier community.
Led by Munich Re Ventures, 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.
This round adds to a $5M Series Seed round raised in 2021 that was led by Lightspeed Venture Partners, who also participated in this round.
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.
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.
Sivan Iram, Capitola’s co-founder and CEO Capitola
With Capitola’s smart placement and market intelligence platform, firms can now transform how broker teams work.
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
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.
Oshri Kaplan, managing director at Munich Re Ventures
“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.
Unlike small businesses, the insurance needs of medium and large corporations are complex and require expertise that is provided by an indispensable community of commercial insurance professionals.
Capitola was founded with a clear vision in mind: build the technology that empowers insurance professionals to broker better. We believe that humans are a critical part of the insurance industry, but they lack the tools that enable them to focus on what they do best – provide exceptional client service and coverages.
by Peter Sonner
