Veruna closes Series A on $6m to support product expansion

Boston-based InsurTech Veruna has closed its Series A funding round on $6m to support the expansion of its operations.

The round included investments from two unnamed ‘prominent insurance carriers’, the startup said.

Founded in 2015, the company delivers a cloud-based agency management system which is built on Salesforce and focuses on helping independent agents. Its features include sales management, accounting, client management, online security, audit reports, document and form management and holistic dashboards, among others.

The InsurTech aims to help insurance agencies better improve their online operations and foster the growth of their operations.

Since the company launched, it focused on establishing its system and refining the onboarding process for agencies, it said. These funds were raised to support the next stage of expansion for Veruna.

Veruna CEO Bob Scullin said, “We are excited for the next chapter for Veruna,” “The work we have completed over the past year or so has set the foundation for our next phase, which includes building brand awareness to drive new sales and expanding operations as we anticipate doubling our client base over the next year.”

There has been a lot of activity in the InsurTech space over the year. Earlier in the week, San Francisco-based InsurTech Indio Technologies closed a $20m Series B which was led by Menlo Ventures.

The company offers insurance agencies workflow management software, automating the procedure of retrieving quotes from carriers and processing insurance applications from clients.

Copyright © 2019 FinTech Global

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