Counterpart raises $10 million
Los Angeles-based Counterpart , a developer of a management liability platform used to predict claims and also prevent them, has raised $10 million in a funding round led by Valor Equity Partners with Susa Ventures, and Felicis Ventures as participants. Founded in 2019, Counterpart (a team of ~8) offers a management liability insurance platform that leverages technology at every touchpoint – application submission, coverage selection, binding, claims management, and loss prevention.
“Counterpart is transforming one of the largest and most established industries to provide small and medium sized businesses access to the insurance coverages and support that they need. Their platform goes beyond the scope of a traditional insurer, layering in insights, tools, and services to help business stakeholders navigate this extremely challenging operating environment.” – Valor Equity Partners partner and Counterpart board member Jon Shulkin.
Counterpart is also partnering with Markel Specialty, a specialty insurance division of Markel Corporation, to offer its management liability insurance products. Markel Corporation is a diverse financial holding company serving a variety of niche markets with roughly a $15bn market capitalization. “We have been very pleased with their performance, and it’s been exciting watching this team execute their strategy as they move this industry from 1.0 to 2.0 at a critical point in time for brokers and insureds.” – Scott Whitehead, Managing Director of Markel’s insurtech underwriters.
“The insurance industry has an opportunity and obligation to use all available information to help small businesses navigate today’s newfound risks. We spent the last 12 months deepening our understanding of this product in collaboration with the largest wholesale brokers in the country. Counterpart is the first of its kind, data driven platform that gives brokers, and the small businesses they serve, the coverage and tools to address the acute risks of the 21st century workplace. We are thrilled to partner with Markel, Valor Equity Partners, and our broker network to scale our platform and empower businesses to be the best version of themselves.” – CEO Tanner Hackett.