Bold Penguin, a Columbus, Ohio-based commercial insurance technology provider, completed a $32M Series B funding round.
Backers included Hudson Structured Capital Management Ltd., Lightstone, Guggenheim Insurance, Lockton, existing investors and individuals from Stone Point Capital. The round brought the total capital raised to date over $50M.
Co-founded in 2016 by Ben Clark and Ilya Bodner, Bold Penguin provides a solution that enhances the human touch in commercial insurance. With a focus on agents, the company’s solution upgrades the user experience for businesses, creates a tool for agents, and offers a streamlined process of underwriting for carriers.
Bold Penguin intends to use the capital to accelerate growth in engineering, delivering on enhancements which include more flexibility in how the core technology is leveraged by enterprise customers, expanding in Excess and Surplus (E&S) Lines, as well as maintaining the pace of admitted carrier integrations needed to support the 950,000 businesses handled through its technology.