Insurtech startup Outmarket raises $34.5 million in Series B funding
Raising $34.5 million in a Series B funding round led by SignalFire, the startup has increased its valuation to $335 million.
AI-powered insurtech startup Outmarket has completed a $34.5 million Series B investment round led by SignalFire, just four months after its previous funding round, bringing the company's valuation to $335 million.
The Startup's Founding Purpose
Vishal Sankhla, an experienced engineering manager who worked at companies like Ethos and Facebook, founded Outmarket to automate bureaucratic paperwork for insurance agencies and brokers.
Market Structure and Focus
Globally, the vast majority of insurance transactions are still conducted through human agents, and these processes remain largely manual.
Outmarket focuses on the commercial insurance sector, which requires custom tailoring for each business and involves hundreds of different coverage types.
AI-Powered Automation
The artificial intelligence technology developed by the startup automates time-consuming administrative tasks, enabling brokers to quickly evaluate and recommend the most suitable policies.
Customer Base and Growth
In the 14 months since the launch of the new product, over three hundred insurance agencies—including twenty-five percent of the top one hundred agencies—have become customers of the company.
Investment Round Details
In the round led by SignalFire, Fika Ventures, Permanent Capital Ventures, TTV Capital, and Dash Fund also participated, with this new round taking place closely on the heels of the company's Series A investment four months ago.