Counterpart raises $30 million
Management liability insurance startup Counterpart closed $30 million in Series B funding led by Vy Capital. Prior investors also participated in the round, including Valor Equity Partners, and Felicis Ventures. To date, Counterpart raised $40 million.
Founded in 2019, Counterpart’s underwriting partner is Evanston Insurance Company, a Markel company. The startup claims to have built the insurance industry’s most advanced management liability rating system to measure small business risk exposures more efficiently. It “proactively identifies and mitigates” potential claims through its suite of broker and business services that include Risk Assessment, HR Expert On-Call, and Harassment & Discrimination Training tools, among others.
Counterpart distributes its products through brokers and it also has an API.
“Small businesses are struggling and traditional commercial insurance carriers have been slow to respond to their needs. On top of a pandemic, inflation, labor shortages and supply constraints, in 2022 companies now also face lawsuits related to their COVID vaccination and return-to-work policies. We’re committed to introducing more insurance products and tools to help small businesses navigate the new norms of operating in this dynamic business environment.” – Tanner Hackett, founder and CEO of Counterpart.
“Counterpart has unlocked something truly novel in a market that is in need of innovation. They’re using more data in unique ways to underwrite and mitigate the evolving exposures of small businesses. We’re thrilled to support their mission to foster better workplaces through insurance.” – Jon Shulkin, co-president and partner, Valor Equity Partners.