Indio Technologies Inc., a San Francisco, California-based insurtech start-up that focuses on streamlining the business insurance application process, as per recent reports last week, has just closed a Series B round, raising $20 million in investment funding. The recent funding round was led by Menlo Ventures, a Menlo Park, California-based, venture capital firm, and was participated by 8VC.
The company, founded in 2016 by Adam Bratt and Mike Furlong, has to-date raised over $30 million in total funding and with additional professionals intake has now grown to over 50 employees.
According to Indio, on average, businesses spend around $350 billion annually in insurance premiums, which is almost entirely a paper-based process. With its white-label platform offering, Indio plans to ease this workflow process for insurance brokers, transforming the insurance application process. The firm claims its platform saves precious time for both insurance brokers and their customers, along with improving the accuracy of information gathered.
“Before Indio, the painful and redundant paper-based business insurance process was considered a necessary evil to attaining insurance coverage,” states Mike Furlong, CEO, and co-founder of Indio Technologies. “We moved that entire process to a secure online platform that reduces steps, entirely eliminates data duplication and improves the experience for both the business and the insurance broker.”
Indio, with its mission to connect and automate the entire business insurance transaction process onto one platform, is planning to build platform connectivity to insurance carriers this year, which the company claims will ease the underwriter collaboration process for insurance brokers, enabling them to receive quotes faster.