Embroker, a San Francisco, CA-based digital insurance company for businesses, raised $28m in Series B funding.
The round, which brought total funding to date to $42m, was led by Tola Capital, with participation from existing investors Canaan Partners, Bee Partners, Manulife Capital Ventures, Nyca Partners, and XL Innovate. In addition, the company added Bill Veghte to its board.
The company intends to use the funds to scale adoption of its insurance management platform, data-driven service offering, and proprietary insurance policies.
Founded in 2015 by Matt Miller, CEO, Embroker provides a suite of proprietary insurance policies, including a digital directors and officers policy.
The company’s platform streamlines insurance management, giving businesses a unified view of their policies company-wide, real-time claims tracking, and instant certificates of insurance. Customers can buy or renew any type of policy from more than 50 commercial carriers and receive data-driven guidance from its team of insurance advisors who specialize in specific industries.
Embroker serves more than 2,500 companies with 10 to 1,000 employees.
In 2018, the company launched the Embroker Startup Program, a suite of proprietary insurance policies custom-built for technology companies.