Canopy Connect, a leading platform dedicated to collecting, verifying, and monitoring insurance data, is elated to announce a successful $6.5m Series A funding round.
This notable round was spearheaded by Nevcaut Ventures and witnessed considerable participation from investors such as Elefund, Nimble Partners, LocalGlobe, 9Yards Capital, and Global FinTech Venture Partners, among others.
At its core, Canopy Connect is devoted to bridging a pivotal gap in the insurance market. The company’s primary mission revolves around enabling an efficient platform for the exchange of verified insurance information. This revolutionary idea emerged from a singular, enlightening conversation Tolga Tezel, Canopy’s CEO, had with an insurance agent, who elucidated the challenges and time-consuming nature of acquiring authentic insurance details, especially when clients are unaware of the necessary data or the insurance policy isn’t authenticated.
Now, the platform has evolved exponentially. Over 3,000 insurance agencies, equating to more than 10,000 agents, are leveraging Canopy Connect’s unified insurance verification API. This API facilitates agents to obtain verified insurance details directly from the insurance providers, and then synchronise this data with their respective rating systems, CRM tools, or agency management utilities – all within mere seconds.
The funds amassed will serve a pivotal role, primarily assisting Canopy Connect in augmenting its growth trajectory. The intention is to further enhance their product range and features, ensuring streamlined business operations and maximising both efficiency and profitability. Moreover, there’s an emphasis on expanding their comprehensive insurance verification services, targeting multiple sectors such as lending, InsurTech, driver management, and B2B verification.
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