Indio Technologies, a San Francisco-based insurance technology company that streamlines the business insurance applications process, announced it has raised $20 million in Series B funding led by Menlo Ventures. 8VC also participated in this round. Including this round, Indio has raised approximately $30 million in venture financing.
Founded by CEO Michael Furlong and CTO Adam Bratt, Indio has raised more than $30 million in total funding and now has over 50 employees. The company also hired Mark Costigan as the VP of Finance — who was previously an early stage employee at Google. And Scott Bordenave was hired as the Head of Talent Acquisition — who previously held positions at Yammer and Microsoft.
Every year, businesses purchase more than $350 billion in insurance premiums every year, but the workflow is almost entirely paper-based. Indio built a technology platform that was designed from the ground up to transform the commercial insurance category. And it provides insurance brokers with a white-label platform that transforms the insurance application process without the hassles of paper forms and data redundancy. Through Indio, insurance brokers and customers can save time and improve the accuracy of collected information.
“Before Indio, the painful and redundant paper-based business insurance process was considered a necessary evil to attaining insurance coverage,” said Furlong. “We moved that entire process to a secure online platform that reduces steps, entirely eliminates data duplication, and improves the experience for both the business and the insurance broker.”
Indio has a mission of connecting and automating the entire business insurance transaction onto one platform. And this year, Indio is going to build platform connectivity to insurance carriers — which makes it easier for insurance brokers to collaborate with underwriters and receive quotes faster.
“We have had an ongoing thesis that P&C insurance is ripe for innovation, but until meeting Indio, we had not found a company with a value proposition that was getting real pull from existing players in the ecosystem,” added Menlo Ventures partner Tyler Sosin. “Fortunately, it only took a few conversations with Indio customers to figure out that Mike and his team have found compelling product market fit. Indio is a digital onramp for traditional brokers, it makes their lives easier and it enables them to extend a modern experience to clients. As the first digital platform taking hold in the industry, Indio’s potential is enormous.”
There are more than 250 insurance brokerages that process thousands of their business clients through the Indio platform every month. And more than 30 out of the top 100 U.S. based insurance brokerages are using Indio to deliver a modern and simplified insurance experience for clients.