Commercial insurance startup Joshu raises $3.7 million

Joshu closed a $3.7 million dollars in seed funding led by Blumberg Capital with participation from Engineering Capital, Correlation Ventures, Innovation Endeavors and Sure Ventures.

The Menlo Park-based company (a team of ~2) was founded last year to help insurance carriers and MGAs launch online distribution channels “quickly and independently” by offering the digital tools needed to bring their commercial insurance business online.

“Having built a software solution for a cyber insurance startup previously, my co-founder Shimi Bornstein and I had experienced first-hand the challenges of selling insurance online. We also saw where software can become an enabler and the immense opportunity for digital transformation within the commercial insurance industry at large. We believe insurance professionals deserve world class tools and platforms to sell their products online and our solution empowers insurance carriers to reimagine how they develop and sell commercial insurance in the digital age.” – Joshu co-founder and CEO Roy Mill.

“The insurance industry is ripe with numerous opportunities for digital transformation to better serve a broader customer segment. Joshu operates as a true partner with commercial insurance companies to offer a full suite of digital products and capabilities that insurance professionals need to personalize and optimize the user experience for their customers.” – Blumberg Capital Managing Director Bruce Taragin.