Fenris raises $2.7 million

Fenris , a software and analytics company focused on streamlining insurance applications, has raised $2.7 million in a funding round led by IDEA Fund Partners. Prior investors Six-Thirty VC, CIT GAP Funds, and Rezon8 Capital were involved, along with new investors BrokerTech Ventures and Alerion Ventures.

Fenris is a Glen Allen-based insurance startup established in 2016 on a mission to streamline the quoting process for P&C (auto, home and small business) and life insurers via data pre-fill tools and an analytics engine that can predict and score in real time.

“Now more than ever, financial institutions and insurers need to remove the barriers of entry for consumers to do business with them. Fenris is serving agencies, brokerages, carriers, and financial services providers of auto, home, life and small business commercial insurance with our APIs. Fenris has demonstrated its impact on increasing conversion rates and reducing manual entry for what has historically been a large frustration point driving up costs of acquisition.  We thank each of our investors, whose support is helping us help our clients reinvent the customer journey from lead to quote to renewal.” – Jennifer Linton, CEO, Fenris.

“Fenris has all of the key attributes we look for in terms of market, team, technology, and momentum. While existing players like LexisNexis, Verisk, and Experian do a strong business in insurance data, Fenris is more flexible, easier to implement, and has proprietary scoring algorithms to serve use cases more broadly than the incumbents. We’re excited to be partnering with such an experienced and dynamic team with a product line that is delivering clear value to hungry customers.” – John Cambrier, Managing Partner, IDEA Fund Partners.