Capitola, a digital marketplace for commercial insurance, has raised US$15 million in its Series A funding round. This round, led by Munich Re Ventures, will be used to grow Capitola’s platform with emphasis on its AI market intelligence capabilities.
This fundraising round adds to a US$5 million round raised in 2021 that was led by Lightspeed Venture Partners (Lightspeed), which also participated in the most recent initiative.
Munich Re Ventures is reinsurer Munich Re’s venture capital arm that invests in risk transfer start ups. Lightspeed is a multi-stage capital firm focused on enterprise, consumer, fintech and health sectors.
The Capitola platform connects brokers and carriers to increase efficiency within broker teams. It also organises and manages programmes using tools to create customised client reports and proposals, as well as providing market recommendations based on AI driven risk appetite matching.
Commenting on Munich Re’s investment into the platform, Oshri Kaplan, managing director at Munich Re, says: “The US specialty risk market has grown exponentially over the last few decades — it would benefit from a digital marketplace that streamlines processes and expands the option for insurance placement.”
