CINCINNATI, Oct. 26, 2021 /PRNewswire/ -- Coterie Insurance, the insurtech company making small business insurance easy, today announced the completion of a $50 million Series B financing round -- totaling $75 million raised since its founding in 2018.
Led by Weatherford Capital alongside existing investors RPM Ventures, Intact Ventures, Group 1001, and Alpha Edison, this funding will enable Coterie to expand its mission to transform the commercial insurance market for small and micro-businesses. Using an innovative digital platform, Coterie makes insurance easier, faster and more accessible for businesses and their 32 million employees nationwide.
"While over 90 percent of companies in the U.S. are small businesses, they remain underserved when it comes to insurance, leaving them vulnerable to unexpected risks. Coterie is reimagining small commercial insurance and this latest round of funding skyrockets our ability to deliver the most robust solutions and streamlined processes for insurance agents, partners, and small businesses," said David McFarland, Co-Founder and CEO of Coterie Insurance. "We're on a mission to provide an experience that's easier, faster, and better than anything else out there so that these businesses can thrive."
Small businesses represent over 90 percent of private businesses and account for two-thirds of all new jobs in the U.S. Despite the importance of small businesses, the commercial insurance market often fails to meet their needs, with 75 percent of all businesses underinsured. To address this crisis of access, Coterie combines insurance expertise and innovative data analytics to simplify small business insurance. By enabling the quoting and binding of policies in minutes, all online, Coterie is striving to make small businesses more resilient, and their partners and providers more profitable.
"We're excited to partner with Coterie Insurance as they create the future of small commercial insurance," said Will Weatherford, Managing Partner at Weatherford Capital. "We're confident in the team, as well as their vision to deliver the best technology and the best experience to small and micro business owners."
Drew Weatherford, Founding Partner, Weatherford Capital noted that, "In their drive to serve both their partners and their policyholders, Coterie has delivered value by modernizing an antiquated industry through innovation and exceptional service."
"We're enabling small businesses to secure coverage through speed, simplicity and service so they can focus on what they actually care about, which is not insurance," added McFarland. "Ultimately, we're turning insurance from an obligation into an opportunity for our agents, brokers, and partners and want to make it as easy as possible for them to work with us."
Coterie is meeting the needs of agents, partners and small businesses by removing the burden of securing complicated insurance. To learn more about Coterie insurance, please visit www.coterieinsurance.com.
About Coterie Insurance
Coterie Insurance is on a mission to make business insurance easy. Through tech-based business insurance solutions, Coterie Insurance delivers simpler coverage, more accurate pricing, and a streamlined experience. By enabling the instant quoting and issuing of policies as well as a 100% digital underwriting process, agents and brokers can simplify and digitize their operations to better serve small businesses. Digital insurance platforms are able to leverage Coterie's simple, easy to integrate APIs, to further streamline the quoting and binding experience. Coterie's expansive appetite is the most inclusive for the small businesses of today. For more information on Coterie and the digital transformation of small business insurance, go to www.coterieinsurance.com.
About Weatherford Capitol
Weatherford Capital is a family-owned private investment firm founded in 2015 with offices in Tampa and Dallas. The team has over 45 years of investment experience conducting over 70 transactions across the globe. Weatherford Capital makes growth equity investments in rapidly growing companies with people who share the firm's commitment to excellence, integrity, faith, family, and community. Weatherford Capital's portfolio includes leading B2B and B2G software companies with an emphasis on government technology (GovTech), insurance technology (Insurtech), and finance technology (FinTech). For more information, visit www.weatherfordcapital.com.