Propeller Bonds, a Philadelphia, PA-based insurtech startup, raised $6.4M in Seed funding.
The round was led by consortium of industry partners.
The company intends to use the funds to accelerate growth and invest in people, finish its development roadmap, expand its product base, and increase marketing and sales efforts.
Led by Aaron Steffey and Chris Kolger, Propeller is a digital MGA equipped with a proprietary instant issue surety bond platform. The company offers agents and brokers a white-labeled URL that houses nearly 7,000 surety bond obligations and allows both agents and customers to quote, pay, and receive their bonds within minutes. Beyond this, the system offers underwriting expertise via proprietary programs, making the solution a “bolt-on” surety department for many agents and brokers, as well as for carriers who partner with Propeller, such as Simpli Surety.
FinSMEs
11/01/2023