Propeller Bonds raises $6.4 million

Propeller Bonds closed a $6.4 million seed funding round led by unknown investors.

Founded in 2020, the MGA focuses on the surety bond market, stating that it signed on over 2,100 insurance agencies nationwide.

Propeller offers agents and brokers a white-labeled URL that houses nearly 7,000 surety bond obligations and allows both agents and customers to quote, pay, and receive their bonds within minutes. Beyond this, Propeller offers underwriting expertise via proprietary programs, making the solution a “bolt-on” surety department for many agents and brokers, as well as for carriers who partner with Propeller.

“Just as Propeller’s approach to the surety industry has been different, we opted for a unique approach to our seed round. Propeller was able to construct our funding from multiple strategic partners within the industry, all of whom believe in our mission to make the surety bonding process fast and easy. Our partners in this seed funding include insurance companies, wholesalers, agents, venture capitalists, and even individuals from within the industry who see our vision and want to be a part of the Propeller story.” – Aaron Steffey, CEO and Co-Founder of Propeller.