FinTech News
Insurtech Startup Coterie Raises $27 Million
A Cincinnati-based insurtech company has revealed a new funding round.
About the round:
This week, Coterie announced it had raised $27 million in new funding. The oversubscribed round included participation from new investor Hiscox as well as returning investors Intact Ventures, Weatherford Capital, RPM Ventures, and others. To date, the startup has now raised a total of $102 million. With this new funding, the company says it will be able to deliver new insurance products, more sophisticated underwriting, and greater automation for policyholder servicing.
While announcing the funding, Coterie also highlighted some of its recent financial achievements. According to the company, it managed to grow revenue by more than 200% in 2023. Coterie also notes that it’s strived for “responsible growth,” maintaining an ultimate loss ratio of less than 60% for eight quarters in a row.
Around Coterie:
Coterie is a small business insurance managing general agent that strived to simplify the market. The company operates in all 50 states as well as D.C., enabling agents and brokers to instantly write small business insurance policies. Recently, the startup was named Best Insurtech by the FinTech Breakthrough Awards.
What they’re saying:
Commenting on the new funding round, Coterie CEO David McFarland said, “We’re incredibly grateful for the recognition and belief in how we’re reimagining the small commercial insurance space through continued innovation and dedication to independent agents and brokers.” He continued, “This is an incredibly exciting time in Coterie’s growth as we focus on bringing enhanced value for our partners by pushing boundaries to shape the future of insurance.”
Additionally, Weatherford Capital founding partner Drew Weatherford said of the investment, “Coterie continues to impress us with their innovative use of technology, data, and automation to simplify the quoting and binding process. We’re confident in this team’s ability to truly transform small business insurance.”
My thoughts:
The insurtech sector has been a growing segment of FinTech for some time now — and for good reason. While insurance products can be beneficial to consumers, small businesses, and professionals, buying policies isn’t always so easy. As a result, startups that can help simplify the process for all involved have found success.
That’s certainly the case for Coterie, which has now topped $100 million in funding. As mentioned, this news also comes as the company was named a top insurtech firm. All of this suggests a bright future for Coterie as the startup continues to expand its operations.
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