Ennabl, an innovator in the InsurTech industry, with a data analytics platform that empowers insurance brokers and agencies, has announced a successful Series A fundraising round.
The platform succeeded in raising $8m in the round, led by Brewer Lane Ventures. Altai Ventures, along with a host of private investors, also joined the round, contributing to the platform’s ambitious expansion plans.
The central pillar of Ennabl’s operation is a Software-as-a-Service (SaaS) platform, using machine learning to drive growth in the insurance brokerage sector. The platform cleans, enriches, and extracts data from a variety of broker systems and processes, providing actionable intelligence for brokers. This intelligence enables brokers to increase their commissions, identify new customers, manage carrier strategy, and grow their book of business.
Ennabl will channel the newly secured funds towards product development, expanding the sales and marketing team, and overall company growth. This investment serves to accelerate the company’s growth trajectory and expand its market reach.
Ennabl has had a remarkable journey since its launch in 2021. It boasts a significant customer base that includes many of the world’s largest insurance brokers. The company has also formed partnerships with key technology and service providers like Reagan Consulting, NeuralMetrics, HazardHub, and Fenris Digital. These collaborations enable it to provide brokers with external data that can be used to stimulate top-line growth.
Ennabl CEO Kabir Syed expressed his enthusiasm for the platform’s growth prospects, saying, “Ennabl’s mission is to provide cutting-edge solutions for insurance brokers and agencies to help them grow their book of business and simplify their existing processes. We’re thrilled to have Brewer Lane Ventures and our other investors on board as we continue to grow our platform and help brokers achieve their goals.”
Adding to this sentiment, Chris Downer, Partner at Brewer Lane Ventures, said, “We’re excited to partner with Ennabl as they continue to drive innovation in the insurance technology space. Their platform is revolutionising the way insurance brokers leverage data, and we see tremendous promise in Ennabl’s ability to further impact the market.”
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