Snapsheet announces Series E funding round, driving the future of claims management for the insurance industry
Funding will accelerate expansion to provide broader claims management solutions globally
CHICAGO, May 20, 2019-- Snapsheet, a pioneer in virtual claims solutions, today announced that it has closed $29 million in Series E funding.
The funding will enable Snapsheet to accelerate the delivery of its end-to-end SaaS claims platform for all lines of property and casualty, further invest in advanced analytics capabilities and expand the team to serve clients globally.
"Snapsheet has digitized the entire claims process," said Brad Weisberg, CEO and founder of Snapsheet. "In the last few years, we have advanced our cloud-based claims and analytics solutions. This is no longer just for auto, but across all P&C lines. The evolution of where we are going is making our technology available to clients as SaaS claims solutions."
Weisberg added, "We have helped to lead a digital and data-driven revolution that is transforming how our clients engage with their customers and stakeholders across the auto claims ecosystem. Now, we are accelerating and expanding our proven technology, software, and processes. This continues to make a real impact on the auto claims process, but there is so much more that we can do for our clients."
With this round, Snapsheet has raised a total of $71 million. The Series E round was led by Tola Capital, a venture capital firm that focuses on enterprise software. It includes participation from new investors, including Nationwide, Sedgwick, and State Auto Labs with participation from existing investors Liberty Mutual Strategic Ventures, F-Prime Capital, OCA Ventures and an affiliate of USAA.
Sheila Gulati, Founder and Managing Director of Tola Capital and Snapsheet Board Member said, "Our insurance carrier customers and partners are experiencing incredible benefits from Snapsheet's end-to-end digital claims workflow, leveraging the best software and data innovation to produce better experiences for end-customers. Every interaction is an opportunity to create greater customer satisfaction and loyalty, and Snapsheet's platform yields both as it streamlines claims experiences for end-customers."
FT Partners served as the exclusive strategic and financial advisor to Snapsheet and its board of directors in the transaction.
Snapsheet delivers the best claims experiences globally. We provide unmatched technology and processes that improve customer engagement, provide organizational agility and realize real transformational benefits for more than 75 clients around the world. This is accelerated by how we continuously learn from and evolve our data-driven technology which improves analytics and decision-making across the entire claims process. For more information visit http://www.snapsheetclaims.com/.
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About Tola Capital
Tola Capital is a venture capital firm that focuses on the opportunity to invest in the next wave of enterprise software companies. The firm provides both capital and hands-on engagement to support the growth of its portfolio companies. Tola Capital targets software companies with essential products for enterprise customers, a solid existing customer base, a strong competitive position, and great talent and culture. Tola Capital invests globally and across multiple stages. https://www.tolacapital.com/
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