Key facts
- Outmarket raised $34.5 million in a Series B funding round.
- SignalFire led the Series B round, with participation from Fika Ventures, Permanent Capital Ventures, TTV Capital and Dash Fund.
- The company was valued at $355 million following the Series B round.
- This funding comes four months after Outmarket raised $17 million in a Series A round.
- Outmarket uses AI to help insurance agencies and brokers automate administrative tasks.
- The startup has attracted over 300 insurance agencies as customers.
Outmarket, a startup that employs artificial intelligence to streamline administrative tasks for insurance agencies and brokers, has secured $34.5 million in a Series B funding round. The investment was led by SignalFire, with contributions from Fika Ventures, Permanent Capital Ventures, TTV Capital, and Dash Fund. This latest funding comes just four months after Outmarket closed a $17 million Series A round and values the company at $355 million, according to a person familiar with the investment.
Founded by Vishal Sankhala, a former product leader at digital life insurance distributor Ethos, Outmarket focuses on automating the complex paperwork involved in commercial insurance policies. Sankhala noted that the insurance industry, which is largely manual, presents a significant opportunity, especially given the over 250 different types of coverages available. The company's AI aims to help brokers efficiently evaluate and recommend policies, allowing them to concentrate on client-facing activities.
Since launching its new product 14 months ago, Outmarket has acquired over 300 insurance agencies as customers, including 25% of the top 100 agencies. Sankhala described this growth as rapid for the typically slow-moving insurance sector. The company faces competition from other startups in the AI operating layer for insurance brokerages space, such as Fulcrum AI and Further AI. However, with the U.S. property and casualty insurance market exceeding a trillion dollars in annual premiums, Sankhala believes Outmarket has substantial room for expansion.