Insurtech seeking to transform small business insurance nabs $50m funding

US-based insurtech seeking to transform the commercial insurance market for small and micro-businesses has secured $50 million Series B funding for expansion.

Coterie Insurance's latest funding round was led by Weatherford Capital, with participation from existing investors RPM Ventures, Intact Ventures, Group 1001, and Alpha Edison. The investment takes its total raised to $75 million since its inception in 2018.

Coterie states that small businesses represent over 90 percent of private businesses and account for two-thirds of all new jobs in the US. Despite this, the commercial insurance market often fails to meet their needs, it argues, with 75 percent of all businesses underinsured.

Coterie seeks to make small businesses more resilient, and their partners and providers more profitable by making insurance easier, faster and more accessible to them through its digital platform.

“ Coterie is reimagining small commercial insurance and this latest round of funding skyrockets our ability to deliver the most robust solutions and streamlined processes for insurance agents, partners, and small businesses,” said David McFarland (pictured), co-founder and CEO of Coterie Insurance.  “We’re on a mission to provide an experience that’s easier, faster, and better than anything else out there so that these businesses can thrive.”

Will Weatherford, Managing Partner at Weatherford Capital, commented: “We’re excited to partner with Coterie Insurance as they create the future of small commercial insurance. We’re confident in the team, as well as their vision to deliver the best technology and the best experience to small and micro business owners.”

Drew Weatherford, founding partner of Weatherford Capital, added: “In their drive to serve both their partners and their policyholders, Coterie has delivered value by modernizing an antiquated industry through innovation and exceptional service.”

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