Mylo, a Kansas City, Missouri-based digital broker for insurance companies, has raised $28 million in Series A funding led by Guggenheim Partners. Launched by Lockton Companies in 2015, Mylo provides a quick way for small businesses and individuals to get customized advice and compare insurance products online and consult with licensed agents. And Waller Helms Advisors was the exclusive financial advisor to Mylo and Lockton for this round of funding.
With this funding round, Mylo is going to enhance its position as an innovator in the insurance industry and accelerate its current business strategy. Mylo is able to make coverage recommendations and matches at the best value. This allows individuals and small businesses to have confidence in their coverage.
“The Mylo team has done amazing work in building a foundation for growth over the past three years,” said Mylo CEO David Embry in a statement. “Guggenheim’s investment will allow us to take Mylo to the next level through new strategic partnerships and innovative product and service offerings that help us reach more customers and offer smarter coverage.”
Mylo uses artificial intelligence and customer insights to disrupt an industry that is vital to peoples’ lives. And the company is able to offer a broad set of insurance products in order to continue to evolve the shopping experience.
Under Lockton, Mylo is able to tap into 50 years of experience and team of developers, digital marketers, and insurance experts. Lockton Companies — a global professional services firm with 7,000 associates who advise clients on protecting people and property — is going to continue as Mylo’s majority investor. David Lockton, the chairman of Lockton Companies, said that this outside investment validates Mylo’s business strategy and help support its success in the insurance marketplace.
“The combination of Mylo’s technological capabilities, its unique distribution strategy and Lockton’s legacy of excellence in insurance distribution, led us to make this investment in Mylo,” added Guggenheim Partners director Micky Hervitz. “We view this investment as a long-term commitment to Mylo as Lockton works to bring digital solutions to improve the personal and small business insurance purchasing process.”