The funding was led by Munich Re Ventures and will primarily be utilised to enhance Capitola’s platform with a focus on market intelligence features and to expedite sales in the United States.
Capitola is a leading digital marketplace facilitating commercial insurance connections between brokers and carriers and utilises AI-powered risk appetite matching to simplify the placement process.
The round comes in addition to a Series Seed round of US$5 million, which was spearheaded by Lightspeed Venture Partners in 2021 and was also a participant in this round.
Investment partnerships to help scale insurtech startups
Capitola was founded in 2021 by Naor Rosenberg (CTO), Amit Ben Nathan (CPO) and Sivan Iram (CEO). The insurtech’s productivity and market intelligence platform transforms how broker teams work, saving time and eliminating errors with simplified and streamlined placements.
Capitola’s platform also organises and manages complex, hard to place and multi-layered programs with intuitive tools, creates customised client reports and proposals using automation features, and finds the right markets with up-to-date, AI-driven market intelligence.
According to reports, Capitola’s smart placement and market intelligence platform, firms can now transform how broker teams work. The platform:
- Saves time and increases productivity with simplified and streamlined workflows
- Provides smart market recommendations based on AI (artificial intelligence) driven risk appetite matching
- Easily organises and manages hard-to-place risk and multi-layered programs with intuitive tools
- Creates advanced client reports and proposals using customised templates
Capitola plans to bring brokers and underwriters together
Speaking about the funding drive, and the insurtech’s plans for enhanced services, Sivan Iram, Capitola’s co-founder and CEO, explained: “The insurance industry has seen many technological advancements over the years, but very little attention has been given to the insurance professionals and the tools they use.”
He continued: “Capitola’s mission is to help insurance professionals deliver exceptional client service and coverage. Our platform brings together brokers and underwriters, removing many of the operational inefficiencies around manual processes and repetitive tasks to allow them to focus on what they do best. We’re thrilled to have the support of Munich Re Ventures, Lightspeed, and our other investors as we continue to grow our team, develop innovative solutions and expand our impact on the insurance industry.”
Growth in the US speciality risk market is driving demand, says Munich Re
Oshri Kaplan, managing director at Munich Re Ventures, outlined the reinsurer’s reasons for backing Capitola’s strategy. “The US specialty risk market has grown exponentially over the last few decades and would benefit from a digital marketplace that streamlines processes and expands the option for insurance placement. We are excited by Capitola’s approach to this opportunity and are thrilled to support their journey.”
Yoni Cheifetz, Partner at Lightspeed, agreed, saying: “As active investors in the Insurtech space, we were immediately excited by Capitola’s vision to revolutionize the commercial insurance distribution network. We truly believe their strong team can realise this ambitious vision.”
Taking the discussion from a client’s point of view, Mike Heffernan, president and CEO at Heffernan Insurance, a Capitola customer, added: “Our broker teams are at the heart of our organisation, and it’s a priority for us to provide them with the tools that would make them more productive and happier. Capitola’s solution has impressed us with its ability to solve our brokers’ key pain points and increase the performance of our teams.”
