AgencyKPI announced Tuesday that it closed on a $5 million Series A funding round led by insurance executives.
The Austin-based insurance tech platform plans to put the new funding toward hiring software developers and data scientists to build out its system.
Founded in 2017, the startup aims to centralize data generated from the hundreds of independent insurance providers that comprise a single network. By consolidating information into a single platform, AgencyKPI claims it can help insurance agencies plan more collaboratively, uncover operational efficiencies and act on their performance goals.
The company emerged from stealth in 2019, with $3 million in seed funding from insurance networks, carriers, agencies and industry executives. The same year, AgencyKPI launched Harmony, its platform for centralizing information from insurance networks. To date, Harmony has handled $15.8 billion in written premiums from more than 8,800 affiliated agencies, according to the company.
AgencyKPI joins several insurtech companies in Austin, including CoverDesk, Lumen Insurance Technologies, The Zebra and more. And it’s not the only insurtech startup to receive investment recently.
New York-based Oscar Health raised $225 million in late June, and the Santa Clara-based CLARA Analytics raised $25 million in late May.
Bobby Billman, co-founder of AgencyKPI, said the company was excited to grow its platform with cash from its investors, many of whom also happen to be the company’s customers.
“With this funding round, we have confirmation from the insurance industry that insurance carriers, networks and independent agencies want to better enable collaboration through a deeper understanding of data,” Billman said in a statement.
The Series A round brings total investment in AgencyKPI to at least $8 million. EMC Insurance Companies led the Series A round, with participation from Keystone Insurers Group and Combined Agents of America.