Kalepa raises $75 million

Kalepa, a provider of underwriting intelligence, announced $75 million in Series B funding at a $470 million valuation. The Series B was led by Updata Partners, with participation from IA Ventures and Inspired Capital, bringing funding to date to $91 million.

Over the past year, the company has tripled revenue and its customer count, while remaining cash flow positive for more than two years. Kalepa’s customers include insurers and MGAs such as W.R. Berkley, Bowhead Specialty, and AmRisc.

Founded in 2018, Kalepa’s solution can analyze submissions, surface critical risk insights, and pinpoint the most profitable opportunities. Insurers using Kalepa have reported 30% to 60% more premium per underwriter, a 58% reduction in quote time, a 960-basis-point improvement in combined ratio, and double the quote-to-bind rate.

“Insurance runs on the judgment of experienced professionals, and our Professional Grade AI is held to that same standard. That means insurers can look at each task and ask who does it best, and at what cost. Sometimes that’s AI and sometimes it’s a person. When insurers get that division of labor right, their people’s attention can go to the complex risks, close calls, and broker relationships that need it. This funding lets us bring Professional Grade AI to more of the work insurers do, so they have that choice across the entire value chain.” – Paul Monasterio, co-founder and CEO of Kalepa.

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