- AgentSync — a company that is modernizing the tools and infrastructure powering the insurance industry — announced that it has raised $6.7 million in seed extension. These are the details.
AgentSync — a company that is modernizing the tools and infrastructure powering the insurance industry — announced that it has raised $6.7 million in seed extension. Including this round of funding, the company has raised $11.1 million
This round of funding was led by Craft Ventures with participation from Operator Collective and several prior investors. And the funding will be used to grow the team and focus on product development as the company builds new solutions that create operational efficiencies and reduce compliance risk for agencies, carriers, and MGAs.
AgentSync has seen 10x revenue growth in the last year and 4x growth since the early days of the pandemic. And this round — which follows an initial $4.4 million raised earlier this year — enables AgentSync to keep up with growing demand and scale the business.
AgentSync’s first product, a platform for insurance carriers and insurance agencies to track insurance broker licensing data, is a compliance-as-a-service solution. And it saves countless hours and reduces the chance of error or unlicensed brokers – by integrating with National Insurance Producer Registry (NIPR), the market’s source of truth for licensing verification and processing.
With this funding round, the company will expand its product lineup to help the industry operate efficiently and compliantly. And AgentSync’s current offering automates broker onboarding, carrier contracting, and licensing compliance. Future products will include broker insight and recruiting tools to help customers identify their broker “white space” based on their ideal broker profile, and acquire brokers as partners to distribute their insurance products. The funding will also be put towards building a diverse team that balances both tech talent and insurance industry experience.
KEY QUOTES:
“Operating in a highly regulated environment can be tedious, whether you’ve been doing it for hundreds of years or you are an emerging insurtech startup. Our mission at AgentSync is to reduce the friction between key stakeholders, and make the entire industry move ahead faster. We’ve had extremely positive reception across the industry so far, and look forward to scaling our team and product to allow our customers to grow their distribution channels efficiently and compliantly.”
– Niranjan ‘Niji’ Sabharwal, co-founder and chief executive officer at AgentSync
“I’ve seen first-hand how important regulatory compliance is, and there is massive whitespace for what AgentSync is bringing to market. Niji, Jenn, and team are successfully tackling a very real problem that has been a bottleneck for growth in the industry for years. We are excited to be supporting this talented team as it scales to meet market demand.”
– Brian Murray, managing director at Craft Ventures
“When looking for technology solutions for agency licensing and compliance, we found AgentSync, their platform, and their management team to be a great partner. They’ve helped us expand distribution and ensure growth in a compliant way, which is incredible value to a fast-growing company like ours.”
– Rick McCathron, president at Hippo
