Capitola Insurance Services LLC, a startup that employs artificial intelligence to expedite commercial insurance transactions, has raised USD 15.6 million in funding. Munich Re Ventures took the lead in the Series A round.
Additionally, Lightspeed Venture Partners, a previous supporter of Capitola, took part. A USD 5 million seed round was previously raised by the startup in 2021, the year it was established. Based in Mountain View, California A software platform provided by Capitola claims to simplify the work of commercial insurance brokers. According to the company, its platform increases productivity among employees of brokerage firms by obviating tedious manual tasks.
Capitola plans to increase its presence in the United States with the money from its most recent USD 15.6 million round. Additionally, it intends to create new features, such as tools for brokers to gather market intelligence.