Insurtech Joyn has announced it exceeded its target with a $17.7 mn Series A funding round led by OMERS Ventures, with participation from SiriusPoint, ManchesterStory, Cohen Circle, Avanta Ventures and several other private investors.
TigerRisk Capital Markets & Advisory acted as financial advisor to SiriusPoint in the transaction.
New funding will allow to further build and expand so we can continue providing a best-in-class insurance experience in the market.
Startup states that the new round brings its total funding raised to more than $30 mn, adding that this boost will go towards significantly expanding the size of Joyn’s team alongside enhancing its technology platform and data capabilities.
Many brokers are already seeing that we can deliver on what we were built to do, and with our broad E&S appetite for small to mid-sized property and general liability risks, we look forward to adding more trading partner relationships in the near future.Joyn CEO, Seraina Maci
Joyn launched in July of 2021, announcing a key partnership and investment agreement with the aforementioned specialty re/insurer SiriusPoint, as it laid out plans to transform small and mid-market US commercial insurance using digital technology, data analytics, and automation.
“Founded during a pandemic, our fully-virtual team believes in the tremendous opportunity to transform commercial insurance. We’re excited to build and improve upon our prior experience”, Seraina Maci said.
Since entering the market, Joyn has bound more than 500 policies with approximately 80 trading partners, covering more than 300 insureds.
Insurtech offers E&S coverage for property, general liability and excess for companies across more than 700 NAICS codes in 36 states and Washington, D.C.
Seraina Macia has a long career in the insurance industry across Europe, the U.S. and Australia. From 2013 to most recently, she held various roles as EVP at AIG including CEO of Blackboard Insurance, CEO of Country Management & Operations and CEO of EMEA based in London. From 2010 to 2013, she was CEO of XL North America.
Seraina joined Zurich Insurance in Switzerland in 2002 where she held a number of senior leadership positions in Switzerland and New York, which included the roles of President of Zurich North America Specialties and Head of Investor Relations & Rating Agencies. She spent her initial 10 years of her career with Swiss Re where she held a number of senior roles based in Australia and Switzerland.
by Peter Sonner