Insureon, a Chicago, IL-based online provider of small business insurance, raised $31m in equity funding.
The round was led by Oak HC/FT, with participation from Accretive. In conjunction with the funding, Patricia Kemp, general partner at Oak HC/FT, will join Insureon’s Board of Directors.
The company intends to use the funds to increase its technology development and enhance its sales and marketing activities targeting small businesses.
Launched in 2011 and led by CEO Ted Devine, Insureon provides technology and an online marketplace platform that enable small companies to research, buy and manage policies directly with U.S. carriers.
To date, the company has served more than 175,000 small businesses directly and has supported banks, brokerages, and insurance companies in delivering their small commercial business insurance, placing more than $200 million in premium annually.