DENVER, Dec. 2, 2020 /PRNewswire/ -- AgentSync, the company modernizing the tools and infrastructure powering the insurance industry, today announced a $6.7 million seed extension round, bringing the company's total funds raised to $11.1 million. Leading the round is David Sacks' Craft Ventures, with participation from Operator Collective and several prior investors. The capital will be used to grow the team and focus on product development as the company builds new solutions that create operational efficiencies and reduce compliance risk for agencies, carriers, and MGAs.
Insurtech has experienced rapid growth this year, with several notable IPOs and millions of dollars in investments as newcomers build solutions to minimize friction in the $1.3 trillion market. Two-year-old AgentSync has seen 10x revenue growth in the last year, and 4x growth since the early days of the pandemic. This round, which follows an initial $4.4 million raised earlier this year, enables AgentSync to keep up with growing demand and scale the business.
"I've seen first-hand how important regulatory compliance is, and there is massive whitespace for what AgentSync is bringing to market," said Brian Murray, managing director at Craft Ventures. "Niji, Jenn, and team are successfully tackling a very real problem that has been a bottleneck for growth in the industry for years. We are excited to be supporting this talented team as it scales to meet market demand."
AgentSync is arming the industry with tools that create significant operational efficiencies for industry stalwarts and reduce the barriers to entry for insurtech firms. AgentSync's first product, a platform for insurance carriers and insurance agencies to track insurance broker licensing data, is a compliance-as-a-service solution. It saves countless hours and reduces the chance of error – or worse, unlicensed brokers – by integrating with National Insurance Producer Registry (NIPR), the market's source of truth for licensing verification and processing.
With this new infusion of capital, the company will expand its product lineup to help the industry operate efficiently and compliantly. AgentSync's current offering automates broker onboarding, carrier contracting, and licensing compliance. Future products will include broker insight and recruiting tools to help customers identify their broker 'white space' based on their ideal broker profile, and acquire brokers as partners to distribute their insurance products. The funds will also be put towards building a diverse team that balances both tech talent and insurance industry experience.
"Operating in a highly regulated environment can be tedious, whether you've been doing it for hundreds of years or you are an emerging insurtech startup. Our mission at AgentSync is to reduce the friction between key stakeholders, and make the entire industry move ahead faster," said Niji Sabharwal, co-founder and chief executive officer at AgentSync. "We've had extremely positive reception across the industry so far, and look forward to scaling our team and product to allow our customers to grow their distribution channels efficiently and compliantly."
"When looking for technology solutions for agency licensing and compliance, we found AgentSync, their platform, and their management team to be a great partner," said Rick McCathron, president at Hippo. "They've helped us expand distribution and ensure growth in a compliant way, which is incredible value to a fast-growing company like ours."
About AgentSync AgentSync is empowering the insurance industry to scale by reducing friction, increasing efficiency and maintaining compliance. The company is improving the broker onboarding and contracting process with its best-in-class licensing validation tool built for agencies, carriers, and MGAs that integrates with National Insurance Producer Registry (NIPR). AgentSync was founded in 2018 by Niranjan "Niji" Sabharwal and Jenn Knight. The company is headquartered in Denver, Colorado.