Unimaginable disasters like fires in Los Angeles with hundreds of billions of dollars in destruction set a major focus on the role that the insurance industry plays in the reconstruction process. These events will also lead to major financial losses in the insurance companies themselves. And long -term, all this will put a spotlight on how well insurance companies run behind the scenes. Today, a startup that is building technology for that purpose is to announce a round of funding in the back of rapid growth.
Comule, who builds tools to help insurance companies manage billing and income operations, has closed a $ 20 million round, a series of B that will use to expand its technology stack to cover more functions and to scale operations.
Bond and the strategic work day of the back office backer-are running the round. Funding is coming after Comule experienced a storm year (in the good sense).
In 2024, the beginning tripled revenue (it does not discover what those revenues are, except to say they are in tens of millions). She was getting so many business entry business as big as – for what is worth – she said she went to set up a Serie A and went directly to Series B.
The previously coolmed cooling had only raised $ 5 million from investors involving the Spark Capital. Is not revealing the rating.
Jordan Katz, CEO who co-founded the company with CTO Michael Matteakis, said in an interview that the pair did not try to build a startup aimed at the insurance industry.
Initially, both – who, respectively, worked in Asana and Brex – wanted to build tools for people like themselves. “Saa for Saas,” Katz said. However, there was a little problem.
“There is a lot of software there that do very similar things, built by other software professionals who know how to build good software for the problems they have experienced,” he said. “We just felt that Silicon Valley didn’t need more software for himself.”
So they deliberately changed the focus on insurance, he said, an area they knew very little about.
It was a lucky hunt. Security is one of many industries that look technological (often accompanied by financial services) but is actually ignored mainly when it comes to new technology, in particular specific vertical solutions.
For example, in the case of billing and management of income, many of the tools the companies used have been generic enterprises at best, and at worst populated with many manual processes that are prone to errors and require time. (Work Day, the co-lead investor here is a key example of that broad platform access: Comule’s close focus was a reason why investing in work.)
The problem Comule is aiming is a classic in the enterprise: typically, a process is mainly ignored and accepted for what it is, until something critical happens when the systems are stretched and they are broken.
“It’s a sleepy but critical area,” said Jay Simons, the general partner in Bond. Simons himself has first-hand experience in the construction of “Saas For Saas” as the former Atlasian president.
If the world is your oyster, “sleepy but critical” is almost a perfect formula when it comes to understanding what to aim at the company’s software.
Comule says its clients today include Baldwin Group, IMA Financial, Risk Strategies and Hilb Strategies.
While the beginning is not billed himself as a startup “he”, he bowed to the idea that “every company is now a company of AI”. Comule uses machinery lesson to speed up processes and tools in areas like analytics. The company claims to have saved customers about 260,000 hours at work as a result.
