Insurtech Joyn Insurance Announces $17.7 Million in Series A Funding Led by OMERS Ventures
Insurance technology company Joyn Insurance announced today that it exceeded its fundraising target with a $17.7 million Series A funding round led by OMERS Ventures with participation from Avanta Ventures, ManchesterStory, Cohen Circle, SiriusPoint and several private individual investors.
Launched in July 2021, Joyn Insurance integrates insurance, data and technology expertise, providing a faster, more accurate and more transparent experience that saves time, costs and frustration. This integration makes Joyn unique within the E&S space as it offers an industry-leading underwriting and workflow platform for the fastest and easiest-to-bind coverages for the market.
Since entering the market, Joyn has bound more than 500 policies with approximately 80 trading partners, covering more than 300 insureds. Today, Joyn offers E&S coverage for property, general liability and excess for companies across more than 700 NAICS codes in 36 states and Washington, D.C.
“We built this company to remove the pain points and operational inefficiencies that have frustrated brokers and underwriters for as long as we can remember, and we are proud to be delivering on this bold mission,” said Joyn CEO Seraina Macia.
“This funding will allow us to further build and expand so we can continue providing a best-in-class insurance experience in the market,” Macia continued. “Many brokers are already seeing that we can deliver on what we were built to do, and with our broad E&S appetite for small to mid-sized property and general liability risks, we look forward to adding more trading partner relationships in the near future.”
Representatives from OMERS Ventures, ManchesterStory and Avanta Ventures will also be joining the Board of Directors of Joyn Insurance.
“We are thrilled to have such world class partners on board as we continue showing our growing number of brokers and customers what a technology-powered, joyful insurance experience in the E&S market can look like,” said Macia.
“We invested in Joyn because we saw the results that they are already delivering and the tremendous potential for their future growth in the super-hot E&S space,” said David Wechsler at OMERS Ventures. “As we were doing our diligence while evaluating this opportunity, I was particularly struck by the broker feedback I received from those who had worked with Joyn.”
“Despite a high bar for admitted products, the E&S quote and bind experience at many companies is still largely done by pen and paper, and the brokers we talked to have been stunned at how Joyn addresses these longstanding inefficiencies,” Wechsler continued. “We couldn’t be more proud to back this world-class team as they disrupt the fastest growing sector of commercial insurance.”
The new funding, which brings the company’s total raised to more than $30 million, will be used to further enhance its technology platform and data capabilities, and to demonstrate the value of its innovative, technology-driven insurance offerings. It will go towards significantly expanding the size of Joyn’s team by the end of this year.
TigerRisk Capital Markets & Advisory acted as financial advisor to SiriusPoint in this transaction.