Capitola secures funding
The commercial insurance marketplace startup had a successful US$15.6 million Series A funding round, led by Munich Re Ventures
The new funds will be used to accelerate Capitola’s sales in the US and grow the company’s platform, with an ‘emphasis on its market intelligence capabilities’.
The new round builds on a previous $5 million Seed Round raised in 2021 that was led by Lightspeed Venture Partners – who also participated in this round.
Capitola’s digital marketplace specialises in connecting brokers and carriers within the commercial insurance sector – in particular, in the casualty, specialty and property coverage lines – employing artificial intelligence to assess risk appetite during the matching process.
“The US specialty risk market has grown exponentially over the last few decades and would benefit from a digital marketplace that streamlines processes and expands the option for insurance placement,” said Oshri Kaplan, Managing Director at Munich Re Ventures. “We are excited by Capitola’s approach to this opportunity and are thrilled to support their journey.”
“The insurance industry has seen many technological advancements over the years, but very little attention has been given to the insurance professionals and the tools they use,” said Sivan Iram, Capitola’s co-founder and CEO. “Our platform brings together brokers and underwriters, removing many of the operational inefficiencies around manual processes and repetitive tasks to allow them to focus on what they do best.”
Munich Re also recently ended its membership to the Net Zero Insurance Alliance.