Highwing, which builds open data solutions for mid-market commercial insurance brokers and carriers, has scored $4m in a new funding round.
A middle market subsidiary of BRP Group led the investment, alongside BrokerTech Ventures.
Other contributions to the investment came from Holmes Murphy, The ABD Team, Conner Strong & Buckelew, Heffernan Insurance Brokers, SkyKnight Capital, Revolution’s Rise of the Rest Seed Fund, SpringTime Ventures, Cameron Ventures, AmWINS Group and Service Provider Capital.
Funds from the round will be used to expand the InsurTech’s product suite and engineering team. One of the product developments is a placement engine that will allow users to engage, organise and submit insurance applications and collaborate with partners via a single application.
The InsurTech was born out of IMA Financial Group to help commercial insurance brokers and carriers improve their workflows through an open data platform.
Its platform enables connectivity between brokers and carriers to support improved workflows and data-driven insights.
Highwing CEO Erik Mitisek said, “Our vision is to create an open data ecosystem that gives brokers the ability to rapidly deliver the holistic risk management solutions that today’s mid-market customers want. We’re humbled by the big vote of confidence we’ve gotten from leading industry investors.”
Copyright © 2020 FinTech Global
