Vellum raises $7 million
Vellum Insurance, a provider of data and analytics solutions for the insurance and reinsurance industry, exited stealth with a $7 million seed round led by Acrew Capital with participation from Flourish Ventures, Fin Capital, Vera Equity, Endurance and 1 Sharpe Ventures.
Founded in 2022, Vellum’s analytics and data platform connects the insurance value chain from MGAs to carriers to reinsurers, “driving innovation and profitability through enhanced risk management and efficiency.” The platform leverages artificial intelligence and machine learning to ingest, validate and aggregate data generated by MGAs and reinsurance transactions. Vellum’s platform also provides an intelligence layer that facilitates real-time risk monitoring, actuarial and underwriting analytics, as well as financial reporting for reinsurers and carriers.
Vellum Insurance is led by Julianna Muir, who previously held the COO position at Attune Insurance.
“Changes in the frequency of catastrophic events, like those we have seen recently in Florida, California and Hawaii, are causing insurers to exit the market, leaving people and businesses with gaps in coverage. Vellum’s platform supports efforts to innovate in all insurance markets by bringing unprecedented transparency to the relationship between risk partners, building trust and increasing the profitability of and willingness to innovate of all parties.” – Julianna Muir.
“I have experienced first-hand the often archaic data and analytics infrastructure that underpins much of the insurance and reinsurance market. I am tremendously excited by the potential Vellum’s platform has to transform how data and risks are managed by insurers and their capacity partners.” – Sam Hodges, an investor in Vellum and CEO of Vouch Insurance.
“We have been looking for years to invest in companies that are disrupting the decades-old technology that governs how the insurance and reinsurance industry moves and analyses data. Vellum’s data and analytics platform, built specifically for the insurance industry, provides the modernized infrastructure that carriers, reinsurers and MGAs have been crying out for to be able to adapt and innovate in this environment.” – Lauren Kolodny, founder at Acrew Capital.