- Columbus, Ohio-based commercial insurance technology provider Bold Penguin announced it raised $32 million in Series B funding
Bold Penguin, a Columbus, Ohio-based commercial insurance technology provider, announced it has raised $32 million in Series B funding. Including this round, Bold Penguin has raised over $50 million in total funding.
Hudson Structured Capital Management Ltd., Lightstone, Guggenheim Insurance, Lockton, and existing investors and individuals from Stone Point Capital provided the funding. WIth this funding round, Bold Penguin plans to accelerate growth in engineering. And the company is planning to deliver on platform enhancements — which include more flexibility in how the core technology is leveraged by enterprise customers, expanding in Excess and Surplus (E&S) Lines, and maintaining the rapid pace of admitted carrier integrations needed to support the 950,000 businesses handled through Bold Penguin’s technology.
Bold Penguin was founded by a group of entrepreneurs who spent early days working at companies like Allstate, Nationwide, and Progressive along with regional carriers and established insurance agencies.
“The commercial insurance space is a fantastic area of insurance that welcomes an upgrade,” said Bold Penguin founder and CEO Ilya Bodner. “Having support from not only the industry but also the investment community to help fix the problems from within is very exciting in this next chapter of our company.”
Launched in 2016, Bold Penguin has quickly grown to be the supporting infrastructure of commercial insurance for industry giants and the distribution channel. And it allows for the quoting and binding of commercial insurance to happen in hours or minutes compared to the traditional methods which sometimes take weeks.
“We’re thrilled to partner with our investors as we build out the next generation of commercial insurance products and features. Building a technology company from the ground right here in Columbus Ohio has been great for us and the region,” added Benjamin Clarke, the CTO and co-founder of Bold Penguin.
