QuoteWell, a technology-driven wholesale insurance brokerage, has recently secured an additional $12 million in financing, which brings the total capital raised by the company to $32 million. This funding is intended to enhance the company’s growth and allow for a further expansion of its producer network. The firm is particularly focused on leveraging this capital to strengthen its proprietary AI-driven platform, which is central to its operations.
The funding round was led by New Enterprise Associates, a notable venture capital firm known for backing promising startups. In addition to them, the round saw participation from new investors like Brand Foundry Ventures and ClockTower Ventures. Existing investors, including Goldcrest Capital and Floating Point, also contributed to the funding, along with several strategic angel investors who recognize the potential of QuoteWell’s innovative approach.
Headquartered in Austin, Texas, QuoteWell is poised to utilize this new capital to accelerate its growth in key markets across the United States. The company is particularly focused on expanding its presence among producers in the Southeast and on the West Coast. By doing so, QuoteWell aims to increase its reach and influence within these important regions, ultimately enhancing its service offerings to clients in the insurance market.
In addition to market expansion, QuoteWell is committed to investing heavily in research and development. This focus will be particularly on advancing AI-driven automation within its proprietary platform. By enhancing its technological capabilities, QuoteWell strives to uphold its guiding principle of being “Human-first. Always Advanced,” ensuring that human expertise and technology work hand-in-hand.
QuoteWell specializes in placing complex commercial risks within the non-admitted insurance market. This includes a variety of sectors such as construction, energy, real estate, and manufacturing. By merging deep industry knowledge with tech-enabled workflows, QuoteWell provides modern solutions that streamline processes for agency owners and producers. This enables them to tackle challenging risks more efficiently and grow their books of business in a traditionally outdated industry.
KEY QUOTES:
“At Brand Foundry, we see insurance as a massive market that has yet to benefit from the same level of innovation and use of technology as other sectors. We take pride in backing the best founders in Austin, and we believe QuoteWell is one of our city’s standout startups.”
Brian Spaly, General Partner, Brand Foundry Ventures
“We’ve consistently focused on building a platform that empowers producers to be more efficient and effective, and this new funding will allow us to double down on that strategy. Our ability to seamlessly fuse the best of technology and human expertise is what sets us apart. I don’t believe many players across the insurance ecosystem have managed to actually apply AI in meaningful ways to unlock real leverage with their talent pool—I believe we’ve cracked that.”
Joey Bouchard, Founder and CEO of QuoteWell
“Clocktower has made many insurance investments and spent significant time evaluating digital and modern wholesale brokerages. What sets QuoteWell apart is their focus on building and automating the internal brokerage experience, combined with a diverse and differentiated carrier panel. We believe they are the true challenger in the space.”
Ned Daoro, Managing Director at ClockTower Ventures
