TrustLayer raises $6.6 million
San Francisco-based automated insurance verification platform TrustLayer announced it has raised $6.6 million in a seed round led by Abstract Ventures with participation from Propel Venture Partners, NFP Ventures, BoxGroup, and Precursor Ventures. US insurance companies as well as their C-suite executives participated in the round. Some of these participating agencies include Holmes Murphy, Heffernan, M3, NFP and Graham Company. BrokerTech Ventures (BTV) also participated in the seed round.
Founded in 2018, TrustLayer automates the proof of insurance workflow with machine learning, AI, and distributed ledger technologies. Customers and pilot partners in multiple billion dollar industries such as construction and property management rely on TrustLayer for its ease of use, tracking and verifying certificates of insurance & other business documents, increased vendor compliance, and the ability to utilize their platform for multiple use cases. TrustLayer has developed commercial relationships with insurance and risk industry groups and networks such as BrokerTech Ventures (BTV), The Institutes/RiskStream, Beyond Insurance and MarshBerry.
“We continue to be impressed and encouraged by the momentum and industry adoption of the TrustLayer technology and risk management platform. We view TrustLayer’s involvement in our inaugural BrokerTech Ventures Accelerator program as a catalyst for them to become the information clearinghouse for the insurance industry, and we are delighted to be a part of their capital raise and continued success.” – Dan Keough, Chairman and CEO of Holmes Murphy and co-CEO of BrokerTech Ventures.
“We are excited to back TrustLayer as they modernize the insurance stack, starting with compliance automation and digital proof of coverage. The customer and investor interest from leading brokerages validates TrustLayer’s approach and we look forward to working with all to transform the way the insurance industry shares information.” – David Mort, Partner at Propel Venture Partners.
“We’re honored to have the support of so many of the top 100 insurance brokers. Verification of insurance and business credentials is a pain point for millions of businesses and demands a solution that is automated and secure.” – John Fohr, co-founder and CEO of TrustLayer.