AI-driven commercial insurer MGT, a vertically AI-native neo-insurer focused on modernising property and casualty (P&C) coverage for small businesses, has closed an oversubscribed $21.6m Series B funding round.
The round was led by Mubadala Capital, with participation from Clocktower Ventures, Tacora Capital, and existing investors. The company said the new capital will be used to strengthen its artificial intelligence (AI) capabilities and support expansion efforts.
Founded to simplify and accelerate commercial insurance processes for small businesses and their agents, MGT’s platform leverages a full-stack AI architecture to improve the entire insurance buying process from data to policy.
The funds will be directed towards research and development, deepening the company’s vertical AI capabilities, and expanding its Excess & Surplus (E&S) operations nationwide. MGT said the investment marks a critical milestone as it scales its footprint across the US.
MGT co-founder and co-CEO Michael Topol said, “This raise marks a pivotal moment for MGT as we scale to meet the growing needs of agents and small businesses nationwide with the support of investors aligned with our mission.
“By building MGT as a vertically AI-native company from the ground up, we’ve proven that automation and AI can drive meaningful efficiency, scaling quickly with limited headcount and focusing on strategic impact and innovation.”
Clocktower Ventures partner Ben Savage added, “MGT’s approach introduces a new model for small business insurance with technology that truly matters. We believe MGT’s AI-native platform will redefine commercial insurance and create a significant impact for brokers and businesses alike.”
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