Comulate, an InsurTech company specialising in accounting automation and revenue intelligence for insurance brokers, has secured $20m in a Series B funding round led by BOND and Workday Ventures.
Through the move, the firm will join Workday’s Partner Program, which will enable deeper integration with Workday’s platform, according to InsurTech Insights.
This partnership aims to enhance financial solutions for mutual customers. The fresh capital will be used to expand the company’s product offerings and scale its operations as it continues to grow its presence in the insurance industry.
Founded in 2022, Comulate has rapidly established itself in the InsurTech space, attracting a team of experienced professionals from companies such as Brex, Asana, Plaid, Applied Intuition, and Coalition.
It has built its reputation by providing automated accounting and revenue intelligence tools designed to streamline financial operations for insurance brokers.
Comulate’s customer base includes firms such as IMA Financial, The Baldwin Group, and Hilb Group, and it has reported achieving millions in annual recurring revenue (ARR) within just 18 months of its launch.
Comulate co-founder and CEO Jordan Katz said, “We’re grateful to be joined by world-class partners who share our conviction and accelerate us in bringing new solutions to life. We’re in the early innings of our journey and are excited to build upon our momentum.”
Jay Simons, general partner at BOND and former president of Atlassian, commented, “Comulate has scaled to 8-figure revenues in less than 3 years since founding – an unprecedented pace in the insurance industry. The team is uniquely positioned to broaden its vision and transform an industry still burdened by hundreds of billions of dollars spent on manual operations across the value chain.”
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