MGT, a vertically AI-native neo-insurer designed to modernize commercial property and casualty (P&C) insurance for small businesses, announced the successful closing of a $21.6 million oversubscribed Series B funding round. The round was led by Mubadala Capital, with participation from Clocktower Ventures, Tacora Capital, and existing investors.
The new funding will accelerate MGT’s mission to deliver smarter, faster, and more accessible insurance coverage for small businesses across the United States. Funds will be used to advance AI-driven research and development, strengthen the company’s vertical AI capabilities, and expand its Excess & Surplus (E&S) offerings nationwide.
MGT was founded to address the long-standing inefficiencies and complexities that have plagued the commercial insurance sector for small businesses. Traditional insurance models remain cumbersome, slow, and dependent on legacy systems that fail to meet the modern needs of agents and entrepreneurs. By contrast, MGT was built from the ground up as a vertically AI-native insurer, enabling a fundamentally more efficient model through automation, data intelligence, and real-time underwriting.
With nearly 30,000 customers already served, MGT has achieved rapid growth and profitability within two years of launch, delivering $3 million in annual recurring revenue per employee. This performance reflects the company’s ability to scale with exceptional efficiency while maintaining a focus on innovation and service excellence.
The firm’s success underscores a broader shift in the insurance industry toward technology-first approaches. MGT’s AI-native platform reduces operational friction, allowing brokers and small businesses to secure policies within minutes rather than weeks. The company’s approach represents a paradigm shift in how insurance is distributed, priced, and managed — prioritizing transparency, simplicity, and speed.
The Series B investment follows strong momentum for MGT as it continues expanding its market presence and product suite. The company’s “A-” AM Best rating and growing footprint in both admitted and E&S markets further validate its credibility as a next-generation insurer redefining how small businesses access financial protection.
KEY QUOTES:
“This raise marks a pivotal moment for MGT as we scale to meet the growing needs of agents and small businesses nationwide with the support of investors aligned with our mission. By building MGT as a vertically AI-native company from the ground up, we’ve proven that automation and AI can drive meaningful efficiency, scaling quickly with limited headcount and focusing on strategic impact and innovation.”
Michael Topol, Co-Founder and Co-CEO of MGT
“MGT’s approach introduces a new model for small business insurance with technology that truly matters. We believe MGT’s AI-native platform will redefine commercial insurance and create a significant impact for brokers and businesses alike.”
Ben Savage, Partner at Clocktower Ventures
“At MGT, we see insurance as the unsung hero of the American economy, enabling entrepreneurs to take risks and pursue new opportunities. We provide the financial protection that empowers small businesses to grow and innovate. I couldn’t be prouder of the team and what we’re building together. Our growth over the last two years is a testament to what can be accomplished when you combine exceptional people with modern technology. Overall, we are proving you can change an industry faster than anyone thought possible.”
Graham Topol, Co-Founder and Co-CEO of MGT
