Outmarket Raises $34.5M Series B Led by SignalFire
Outmarket, an AI platform for commercial insurance agencies, raised $34.5M four months after its Series A, valuing the company at $355M.
Outmarket, a startup using AI to automate paperwork for commercial insurance agencies and brokers, has raised a $34.5 million Series B led by SignalFire. The round included participation from Fika Ventures, Permanent Capital Ventures, TTV Capital and Dash Fund.
The financing comes just four months after Outmarket's $17 million Series A, a rapid follow-on that reflects investor appetite for software targeting insurance workflows. The company was valued at $355 million, according to a person familiar with the investment.
Outmarket focuses on commercial insurance, a segment of the U.S. property and casualty market that generates over a trillion dollars in annual premiums. The company says it has more than 300 insurance agencies as customers, including 25% of the top 100.
Vishal Sankhala, who previously led product at Ethos and worked at Facebook and Uber, is associated with the company. TechCrunch reported the funding details.
Other startups helping insurance brokers include Fulcrum AI and Further AI, signaling growing competition in the space.
Quick answers
How much did Outmarket raise in its Series B?
Outmarket raised $34.5 million in a Series B led by SignalFire.
Who participated in Outmarket's Series B?
Fika Ventures, Permanent Capital Ventures, TTV Capital and Dash Fund participated in the round.
What is Outmarket's valuation?
Outmarket was valued at $355 million, according to a person familiar with the investment.