Capitola – a digital marketplace for commercial insurance that connects brokers and carriers and uses AI-based risk appetite matching to streamline the placement process – announced it has raised $15.6 million in a Series A funding round led by Munich Re Ventures. This funding round adds to a $5 million Series Seed round raised in 2021 that was led by Lightspeed Venture Partners, who also joined in this round.
Through Capitola’s smart placement and market intelligence platform, firms can now transform how broker teams work.
The platform is known for
– Saving time and increasing productivity with simplified and streamlined workflows
– Providing smart market recommendations based on AI-driven risk appetite matching
– Easily organizing and managing hard-to-place risk and multi-layered programs with intuitive tools
– Creating advanced client reports and proposals using customized templates
Capitola was founded in 2021 by Naor Rosenberg (CTO), Amit Ben Nathan (CPO), and Sivan Iram (CEO).
What the funding will be used for: This funding round will be used to grow Capitola’s platform with an emphasis on market intelligence capabilities and accelerate sales in the U.S.
KEY QUOTES:
“The insurance industry has seen many technological advancements over the years, but very little attention has been given to the insurance professionals and the tools they use. Capitola’s mission is to help insurance professionals deliver exceptional client service and coverage. Our platform brings together brokers and underwriters, removing many of the operational inefficiencies around manual processes and repetitive tasks to allow them to focus on what they do best. We’re thrilled to have the support of Munich Re Ventures, Lightspeed, and our other investors as we continue to grow our team, develop innovative solutions and expand our impact on the insurance industry.”
– Sivan Iram, Capitola’s co-founder and CEO
“The U.S. specialty risk market has grown exponentially over the last few decades and would benefit from a digital marketplace that streamlines processes and expands the option for insurance placement. We are excited by Capitola’s approach to this opportunity and are thrilled to support their journey.”
– Oshri Kaplan, managing director at Munich Re Ventures
“As active investors in the Insurtech space, we were immediately excited by Capitola’s vision to revolutionize the commercial insurance distribution network. We truly believe their strong team can realize this ambitious vision.”
– Yoni Cheifetz, Partner at Lightspeed
“Our broker teams are at the heart of our organization, and it’s a priority for us to provide them with the tools that would make them more productive and happier. Capitola’s solution has impressed us with its ability to solve our brokers’ key pain points and increase the performance of our teams.”
– Mike Heffernan, president and CEO at Heffernan Insurance, a Capitola customer
