Insurtech Comulate, focused on accounting automation and revenue intelligence for insurance brokers, has raised $20mn in a Series B round led by BOND and Workday Ventures.
As part of the deal, the company will join Workday’s Partner Program, allowing deeper integration with Workday’s platform.
In under three years, Comulate has grown faster than 95% of startups while becoming trusted core software for the industry’s largest players. We’re now positioned to use AI to eliminate hundreds of billions spent on manual insurance operations.
The funding will support product expansion and operational growth as Comulate strengthens its position in the insurance sector.
Founded in 2022, the company has quickly gained traction, bringing in professionals from Brex, Asana, Plaid, Applied Intuition, and Coalition. It has built a reputation for providing automated accounting and revenue intelligence tools that improve financial operations for insurance brokers.
We’re grateful to be joined by world-class partners who share our conviction and accelerate us in bringing new solutions to life. We’re in the early innings of our journey and are excited to build upon our momentum.
Co-founder and CEO Jordan Katz
Clients include IMA Financial, The Baldwin Group, and Hilb Group. Within 18 months of launch, Comulate reported generating millions in annual recurring revenue (ARR).
“Three years ago, we knew virtually nothing about insurance accounting. After years of helping build Asana and Brex, Michael and I decided to take the leap and build something together. While we planned to create software for business problems we ourselves experienced, the problems weren’t as big as they seemed and existing solutions weren’t as bad as we thought. We came to the observation that Silicon Valley didn’t need more software for itself”.
We started learning about insurance. We were stunned by the reams of paper, droves of spreadsheets, and time spent copying information between PDFs and legacy tools.
“The accounting workflows were particularly fascinating – premium payments passing between multiple intermediaries, each repeating similar manual reconciliation processes. Everyone in the industry knew about these challenges, but the common refrain was, “no one has solved it yet.”
Jay Simons, general partner at BOND and former Atlassian president, added, “Comulate has reached 8-figure revenues in under three years—exceptional growth in the insurance industry. The team is well-positioned to expand its scope and modernize a sector that still spends hundreds of billions on manual processes.”
Comulate first participated in an accelerator or incubator funding round in March 2023. As part of the funding deal, Comulate will join Workday’s Partner Program, which will allow deeper integration with Workday’s platform. The company has rapidly scaled, reporting millions in annual recurring revenue (ARR) within 18 months and achieving eight-figure revenues in less than three years.
