Coterie, the technology company that simplifies small business insurance, today announced they have raised $11.5M in Series A-1 financing. Coterie secured the additional funding through an oversubscribed Series A-1 led by Intact Ventures and with participation from Alpha Edison, Lackawanna Insurance Group, a subsidiary of Group1001, and previous investors, RPM Ventures, Allos Ventures, and several others. This announcement follows strong company growth fueled by an oversubscribed Series A financing of $8.5M in March 2020.
“There is a growing need in the industry for fast and easy solutions and we’re excited to provide that in the small business insurance space,” said David McFarland, CEO and co-founder of Coterie. “We’ve been extremely fortunate over the last year to bring on great people, partners, and investors who believe in what we’re building.”
Since raising its Series A, Coterie has continued to successfully team up with key platforms such as Intuit Quickbooks and Thryv to deliver easy and affordable business insurance through the tools and services that small business owners are already using.
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In addition, Coterie recently announced it had launched solutions to help independent agents and brokers more seamlessly sell and service small business insurance, continuing to build on its vision to make business insurance simple, anywhere it is available. To kick off this channel, the company announced partnerships with Independent Market Solutions and First Connect to extend their capabilities to thousands of agencies already serving small businesses.
“We’re excited to invest in Coterie and partner with David and his team in bringing simple to buy insurance products to the small businesses that need them,” said Karim Hirji, Senior Vice President and Managing Director, Intact Ventures. “By either embedding its coverage options directly into the platforms that businesses already operate within, or by offering seamless binding capabilities to traditional agencies, Coterie helps out small business owners who need simple, timely, and affordable insurance coverage.”
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