New York-based insurance startup, Korr, has successfully raised US$3.2 million in seed funding, with Motive Ventures taking the lead, alongside contributions from Tokio Marine Future Fund and Plug and Play Ventures.
The capital is expected to fuel Korr’s growth and enhance its capabilities in reshaping the landscape of claims processing and policy administration. The collaboration with Motive Ventures, Tokio Marine Future Fund, and Plug and Play Ventures positions Korr as a noteworthy player in the insurtech space, with a commitment to advancing efficiency and adaptability within the insurance industry.
Founded in 2021 and headquartered in New York City, Korr specialises in providing a cloud-based operating system designed for streamlined claims processing and policy administration.Korr’s platform, developed with a specific focus on reducing switching costs, empowers carriers to seamlessly transition their historical data to the cloud.
Speaking about the fund raise, Gregory Ritchie, CEO and founder of Korr, said: “We started Korr two years ago with the thesis that cloud-native architecture and innovation will drive positive change in insurance, particularly in the post-COVID workplace and marketplace. We have invented a forward-thinking product that drives competitive advantage, cutting legacy costs and constraints, and converting decades of historical data out-of-the-box.”
He added: “We continue to execute on our vision, building Korr on AWS along with our early corporate design partners.”
Author: Joanna England
