Functional Finance Raises $8M in Seed Funding

Functional Finance

Functional Finance, a San Francisco, CA-based software platform that integrates and automates data and reporting functions for insurance companies, secured $8m in seed funding, plus $2m in SAFE notes.

The round was led by New Enterprise Associates, Walkabout Ventures and Altai Ventures, with participation from Hank Greenberg’s C.V. Starr Insurance and other investors.

The company intends to use the funds to accelerate product development and marketing initiatives that focus on streamlining back-office functions for companies in the insurance industry.

Co-founded in 2021 by Rashmi “Rush” Melgiri – a two-time insurtech entrepreneur – and seasoned technology executive Tony DeGangi, Functional Finance provides an API-driven embedded financial operations software which allows tech-forward insurance companies (reinsurers, carriers, MGAs, wholesalers and brokers) to automate and own all aspects of money flow from checkout and financing through payables and refunds. Functional Finance, which is SOC 2 Type II certified, easily integrates within the finance tech stack of corporate partners to offer billing/invoicing, premium collection, financing, reconciliation, payables processing, reporting and integration back to the general ledger. .

CEO Melgiri is joined by CoverWallet’s former president Jim Ermilio, who now serves as Functional Finance’s President.

FinSMEs

03/08/2023