Risk management platform TrustLayer has completed a $6.6m seed round, which was led by Abstract Ventures.
Other round participants included Propel Venture Partners, NFP Ventures, BoxGroup and Precursor Ventures. BrokerTech Ventures, a group made of 13 insurance agencies in the US and 11 top-tier insurance companies, also committed capital.
TrustLayer also claims that twenty of the top 100 insurance agencies in the US, as well as their C-suite executives participated in the round. Some of the participating agencies include Holmes Murphy, Heffernan, M3, NFP and Graham Company.
Funding from the round will be used to scale TrustLayer’s operations and meet the demands of its rising customer base. Funds will also be used to support the expansion of its sales and marketing efforts, the development of its digital proof of coverage solution and integrations with more insurance carriers.
The oversubscribed round comes after a strong year of growth for TrustLayer, which saw it grow within the construction, property management, sports and hospitality industries. It also formed a number of new partnerships with insurance and risk industry groups and networks.
Its next growth phase includes calling in new and existing industries, as well as launching a real-time proof of insurance solution for businesses of all sizes.
BrokerTech Ventures co-CEO Dan Keough said, “We continue to be impressed and encouraged by the momentum and industry adoption of the TrustLayer technology and risk management platform.
“We view TrustLayer’s involvement in our inaugural BrokerTech Ventures Accelerator program as a catalyst for them to become the information clearinghouse for the insurance industry, and we are delighted to be a part of their capital raise and continued success.”
TrustLayer offers a collaborative risk management application that aims to lower friction between businesses. The platform can automate the verification of insurance, licenses and compliance documents of their business partners.
The company launched out of stealth in 2019.
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