Axle raises $17.5 million

Insurance data infrastructure startup Axle has raised $17.5 million in Series A funding led by Base10 Partners.

Axle (team of ~40) automates insurance verification, monitoring and policy updates for businesses including auto dealers, rental car companies, mortgage lenders and employers. Its customers include Rocket Mortgage, Avis, Experian and Sonic Automotive.

The company says it serves more than 4,000 businesses, clears over $100 billion in coverage annually and has helped customers recover more than $220 million in losses.

Axle will use the funding to expand into home, auto, renters, commercial and specialty insurance and hire across engineering and go-to-market.

As a side note, in April 2024, TSD Mobility Solutions partnered with Axle to provide instant insurance verification to its 16,000 dealership and car rental customers, but a year later, it announced a similar partnership with Canopy Connect, Axle’s main competitor.