Pathpoint, which claims to be the first digital E&S distributor, has scored $30m in its Series A funding round.
Caffeinated Capital led the round, with commitments also coming from SciFi VC, Founders Fund and Chubb. The round also received commitments from previous Pathpoint backers, including Hiscox.
With the burst of funds, the company hopes to invest in its software engineering and R&D efforts and bolster its distribution.
The company, which launched in late 2020, supplies retail agents P&C and professional lines products from ten top-rated carriers through its online platform. Agents can receive bindable quotes from multiple carriers, with the technology ensuring commissions are lower than traditional wholesale distributors.
With a single submission, agents can instantly understand which carriers can quote the risk and bind them online.
Pathpoint co-founder and CEO Alex Bargmann said, “More and more business has been conducted through the E&S market in recent years, yet it’s one of the key segments of commercial insurance that has not been effectively digitized in any meaningful way.
“Carriers and agents are desperate for a better way to conduct business. Pathpoint gives retail agents what they’ve long deserved: a fast and transparent way to access, bind, and service E&S products online. I feel privileged that we have the capital and carrier support to bring digital distribution to this market.”
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