TrustLayer, the collaborative risk management platform, today announced it has completed a $6.6 million seed round of financing. Abstract Ventures led the round with participation from Propel Venture Partners, NFP Ventures, BoxGroup, and Precursor Ventures. The round was heavily oversubscribed, a reflection of the strength of TrustLayer’s current compliance software and its success in developing a digital proof of insurance solution.
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Twenty of the top 100 insurance agencies in the U.S. as well as their C-suite executives participated in the round. Some of these participating agencies include Holmes Murphy, Heffernan, M3, NFP and Graham Company.
BrokerTech Ventures (BTV), a group made up of 13 of the most innovative insurance agencies in the U.S. and 11 top-tier insurance companies, is also participating in the seed round. This represents BTV’s first investment in a cohort member of their accelerator.
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TrustLayer will use the funding to scale operations to meet the demands of its growing customer base. The capital will also support an expansion of sales and marketing efforts, the development of its digital proof of coverage solution with The Institutes RiskStream Collaborative (the largest blockchain insurance consortium in the U.S.), and integrations with many insurance carrier systems of record.
TrustLayer also developed new commercial relationships with several of the top 100 brokers and carriers in the U.S. Partnerships formed with insurance and risk industry groups and networks such as BrokerTech Ventures (BTV), The Institutes/RiskStream, Beyond Insurance and MarshBerry, are also playing a large role in expansion success. The next phase of growth will involve rapid scaling in new and existing industries as well as progress towards the vision of a real-time proof of insurance solution for businesses of all sizes, across all industries.
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