Digital insurance company Embroker has announced completion of its $28m Series B funding round and the appointment of tech industry veteran Bill Veghte to its board.
Led by Tola Capital, the latest funding round brought the San Francisco-based startup's total funding to date to $42m. Other participants in the round included existing investors Canaan Partners, Bee Partners, Manulife Capital Ventures, Nyca Partners and XL Innovate.
Embroker, which tripled its revenue in 2018 and is set to more than double revenue again in 2019, has said that it will use the funding to scale adoption of its insurance management platform, data-driven service offering and proprietary insurance policies.
"Business insurance has been painful and inefficient for far too long," said Embroker CEO and founder Matt Miller. "We're proud of how much time and money our customers have saved and thrilled to have the support and capital needed to further accelerate our growth."
The company launched its Embroker Startup Program in 2018 which offers a suite of proprietary insurance policies custom-built for technology companies. The company has claimed to provide more than $1bn in liability coverage to technology companies in less than eight months.
On his appointment to the board, Bill Veghte, who has held leadership roles with Microsoft Windows, Hewlett-Packard and Survey Monkey, said: "I have had the privilege of working with amazing teams to build truly transformative businesses repeatedly over the past 30 years and Embroker clearly has the same opportunity.
"While the $800bn commercial insurance industry has remained largely static over the past 30 years, Embroker has the right team, product and strategy to drive significant and lasting change and this made it an incredibly compelling company to be involved with."