Portfolio company Embroker announces an expansion of its strategy, enabled by $100m in new venture capital financing.
“For Embroker to truly forge a new approach to business insurance, we need to reimagine and rebuild every part of the process,” Miller said in prepared remarks. “Even as some of the surface-level elements of insurance have become increasingly customized and digitized, the underlying legacy systems and antiquated processes endemic to this industry are needlessly complex and require a substantial overhaul.” FTV Capital led the Series C financing, with additional investment from Hudson Structured Capital Management and Gaingels. Tola Capital, Canaan Partners, Bee Partners, Manulife Capital Ventures, and MassMutual Ventures also contributed follow-on financing. In transitioning from a broker to a carrier, Embroker will be following in the footsteps of another California insurtech, Next Insurance. Next Insurance, which like Embroker debuted in 2016 as a digital insurance agency for small to medium-size businesses, began repositioning itself in 2018 to become a licensed insurance carrier. Next Insurance received its first license from Delaware.