US insurtech Broker Buddha secures $4.5m funding for expansion

Insurtech platform  Broker Buddha that simplifies the commercial insurance application and renewal process has raised $4.5 million in a funding round led by Vertex Ventures.

The company said it will use the new capital to expand its offering, grow the team and increase its marketing efforts.

The New York City-based start-up was founded in 2017 with the aim to transform the archaic process of buying and renewing commercial insurance into a fast and easy, customer-friendly online experience. Broker Buddha has partnerships with commercial insurance agencies like Brown & Brown and AssuredPartners.

“Broker Buddha’s product provides a crisp, modern interface driving massive efficiency gains for the client, broker and underwriter,” said Vertex Ventures partner Sandeep Bhadra. “By relieving some of the tedium, they enable more of the white-glove, customised service business owners need and love. We’re excited to partner with a company driving such significant industry change.”

Broker Buddha CEO Jason Keck said: “The product transforms an outdated way of doing business that has long been frustrating and slow-moving for brokers and their clients. It frees up valuable time so agents can focus on what they love doing — taking care of their clients.”

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