Insurtech Federato, AI-powered insurance underwriting platform, has raised a $40 mn Series C funding round, led by StepStone Group. Existing investors Emergence Capital, Caffeinated Capital, and Pear VC also participated.
The new funding increases Federato’s total capital raised to $80 mn since its inception in 2020. The funds will support Federato’s expansion in the UK, Europe, LATAM, and APAC.
Federato’s underwriting platform is widely adopted by underwriters at global carriers, MGAs, and mutuals. The platform simplifies underwriting by prioritizing submissions from inboxes based on appetite and potential.
It uses AI to evaluate accounts, matching them with underwriters’ preferences and maximizing success rates.
Will Ross, Federato’s co-founder and CEO, stated, “This financing marks progress rather than an endpoint. The true achievement lies in the daily value we deliver to our customers and their communities”
Federato’s rapid growth, driven by founders Will and William’s AI expertise, reflects its strong impact on insurers
John Avirett, Partner at StepStone Group
Mike Foley, Chief Underwriting Officer at QBE North America, praised Federato: “Their platform has evolved into the core system for our entire policy lifecycle, powering our growth businesses.”
Federato, established in 2020, is an AI-driven underwriting platform serving the Property & Casualty (P&C) and specialty insurance sectors. Its RiskOps platform assists underwriters in prioritizing submissions, concentrating on high-value opportunities, and providing real-time portfolio insights.
The platform offers features such as automatic submission triage, real-time decision support, and a unified workflow interface, aiming to enhance underwriting efficiency and profitability.
Federato’s solutions cater to carriers, Managing General Agents (MGAs), and mutuals, supporting their portfolio strategies and underwriting actions.
Federato’s leadership team comprises professionals with extensive experience in insurance and technology, guiding the company’s mission to transform underwriting processes through AI and data-driven insights.
