US insurtech Indio secures $20m funding for business insurance platform

Indio Technologies, an insurtech company that streamlines the business insurance application process, has secured $20 million in Series B funding led by Menlo Ventures, with participation from 8VC.

Indio said that it will use the latest investment to fuel product development and digital innovation in property & casualty insurance. The company has raised over $30 million in total funding.

Founded in 2016 by Adam Bratt and Mike Furlong, the San Francisco, California-based company aims to modernise and digitise the insurance application and renewal process.

It provides a workflow management platform with a suite of web-based solutions that makes it easier for insurance brokers to collaborate with underwriters and receive quotes faster.

Indio has also recently hired former Google and Microsoft executives Mark Costigan and Scott Bordenave to strengthen its leadership team.

"Before Indio, the painful and redundant paper-based business insurance process was considered a necessary evil to attaining insurance coverage," said Furlong, CEO and co-founder of Indio Technologies. "We moved that entire process to a secure online platform that reduces steps, entirely eliminates data duplication, and improves the experience for both the business and the insurance broker."

Tyler Sosin, partner at Menlo Ventures, said: "We have had an ongoing thesis that P&C insurance is ripe for innovation, but until meeting Indio, we had not found a company with a value proposition that was getting real pull from existing players in the ecosystem. Fortunately, it only took a few conversations with Indio customers to figure out that Mike and his team have found compelling product market fit. Indio is a digital onramp for traditional brokers, it makes their lives easier and it enables them to extend a modern experience to clients. As the first digital platform taking hold in the industry, Indio's potential is enormous."

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