Counterpart, which stylises itself as the management liability InsurTech, has scored $30m in its Series B funding round.
Vy Capital, a global technology investment firm, served as the lead investor. Other contributions came from Valor Equity Partners and Felicis Ventures.
With the funds, the company plans to expand its presence in the $20bn private company management liability insurance market. Capital has also been earmarked to scale the team and launch new products, including crime and excess in
The InsurTech company offers an advanced management liability rating system to measure small business risk exposures. It proactively identifies and mitigates potential claims through a suite of broker and business services.
The company is also looking to invest into its broker distribution partnerships to make management liability insurance more accessible to small businesses through an API platform.
Its API, which is easy to integrate, lets brokers to digitise the application process, expedite insurance purchase flow and create customised user experiences.
Counterpart founder and CEO Tanner Hackett said, “Small businesses are struggling and traditional commercial insurance carriers have been slow to respond to their needs.
“On top of a pandemic, inflation, labour shortages and supply constraints, in 2022 companies now also face lawsuits related to their COVID vaccination and return-to-work policies. We’re committed to introducing more insurance products and tools to help small businesses navigate the new norms of operating in this dynamic business environment.”
The company previously raised $40m in funding.
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