SME-focused insurtech Coterie secures $11.5m Series A-1 funding

Small business focused insurtech Coterie has secured $11.5 million in Series A-1 financing led by Intact Ventures, taking the total raised by the start-up to $25 million.

The funding saw participation from Alpha Edison, Lackawanna Insurance Group, a subsidiary of Group1001, and existing investors RPM Ventures and Allos Ventures, among others.

It follows an "oversubscribed" Series A financing of $8.5 million in March 2020.

Since raising its Series A, the start-up has teamed up with key platforms such as Intuit Quickbooks and Thryv to deliver easy and affordable business insurance to small business owners. Additionally, Coterie has recently launched new solutions to help independent agents and brokers seamlessly sell and service small business insurance.

"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."

Karim Hirji, senior vice president and managing director at Intact Ventures, added: "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. 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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