Archetype, a growth equity investment and consulting firm, has invested in commercial insurance technology firm PolicyBound.
PolicyBound offers a platform to fuel agency growth. The company helps commercial insurance brokers thrive in the digital age by using technology to enhance client engagement and obtain competitive advantages previously only available to an elite few.
According to Archetype, the investment will support PolicyBound’s growth and expansion plans as it aims to revolutionise the commercial insurance industry.
Archetype said it has a track record of investing in and scaling high-growth companies. The company identifies opportunities for investment through its consulting engagements, leveraging its team of 80+ product development experts and strategists to perform due diligence and provide resources such as functional knowledge, industry expertise, and distribution acceleration post-investment to enable portfolio companies to rapidly scale.
Mike Weisbrot, co-founder and CEO of PolicyBound, said, “We are thrilled to partner with Archetype as we scale our company and revolutionize the commercial insurance industry. Their investment will allow us to enhance our platform, expand our product offerings, and reach target markets. We look forward to working with Archetype and bringing our innovative solutions to the commercial insurance ecosystem.”
Chetan Bagga, founder and CEO of Archetype, added, “We welcome the PolicyBound team to the Archetype ecosystem. This investment is a testament to Archetype’s unique approach. PolicyBound’s vision, innovative technology, and customer-centric approach make them an emerging InsurTech leader, and we are confident they will continue to drive growth and innovation for the industry.”
Earlier this month, IAG Firemark Ventures invested in Planck, a global InsurTech platform that provides real-time answers to underwriting questions to the global Commercial Insurance Industry.
The investment, according to Planck is aimed at supporting the company’s global expansion into the Australian and New Zealand commercial insurance market, with a vision that the technology could potentially be embedded in IAG’s brands, CGU and NRMA.
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