Claims Insurtech Snapsheet Raises $29 Million to Expand Into All P/C Lines and Globally
Virtual insurance claims services company Snapsheet has closed on $29 million in Series E funding. The company said it will use the funds to expand beyond auto into all lines of property/casualty insurance and expand globally as well as enhance its analytics capabilities.
Brad Weisberg, CEO and founder of the Snapsheet, said the insurtech has digitized the entire claims process and in the last few years it has advanced its cloud-based services. Now it’s entering a new phase. “This is no longer just for auto, but across all P&C lines,” he said. “The evolution of where we are going is making our technology available to clients as SaaS claims solutions.”
Snapsheet first launched in 2016 when Weisberg transformed his body shop bids business into an auto claims service. The company currently works with more than 70 carriers.
With this latest round, Snapsheet has raised a total of $71 million. The Series E round was led by Tola Capital, a venture capital firm that focuses on enterprise software. It includes participation from new investors, including Nationwide, Sedgwick, and State Auto Labs with participation from existing investors Liberty Mutual Strategic Ventures, F-Prime Capital, OCA Ventures and an affiliate of USAA.
In October, 2016 Liberty Mutual and USAA were among the backers behind $20 million in financing.
Snapsheet says its technology and services make handling claims faster and simpler for adjusters, body shops and insureds.
FT Partners served as the exclusive strategic and financial advisor to Snapsheet.