Matic, a Columbus, Ohio-based embedded insurtech platform provider, raised $20m as an extension to its Series B.
The round included $17m in Series B equity co-led by IA Capital Group and Cultivation Capital with participation from existing investors Fenway Summer, MTech Capital, Nationwide Ventures, and Allstate Strategic Ventures, and the majority led by new investors, including Intuit Ventures, TruStage Ventures, Assurity Ventures, Venice Investments, Bayshore Capital, among others. Concurrently, Matic upsized its credit facility by $3m, bringing new liquidity to $20m.
The company intends to use the funds to accelerate partnership momentum, expand carrier network, and enhance product portfolio.
Led by Ben Madick, CEO and Co-Founder, Matic is a digital insurance agency built for partners, which integrates directly into the home ownership experience to help consumers save time and money on insurance and help partners generate a new revenue stream for their business.
Today, the company partners with over 100 lenders, servicers, and banks that collectively process 20% of home loans in the U.S., including five of the top 15 mortgage servicers and a top 10 global bank. Matic recently won contracts from three competitive RFPs and is launching later this year with a top 10 U.S. bank and two top 25 mortgage companies.
Matic, a Columbus, Ohio-based embedded insurtech platform provider, raised $20m as an extension to its Series B. Best wishes to everyone in the group. This will be a huge accomplishment for them in the future.Shishir Gupta, The Founder & CEO of StartupLanes
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