Indio Raises $6M Series A Funding Led by 8VC
Indio Technologies, a commercial insurance platform for brokers, today announced it has raised $6 million in Series A financing, led by 8VC, to expand the capabilities of Indio’s digital platform and increase market share. Additional investors who participated in the round included 500 startups, Merus Capital and Compound. Indio previously raised $2 million in seed financing, bringing its total financing to $8 million.
With Indio’s automation platform and related tools, Indio helps move paper-driven processes online, streamlining workflows so insurance agents and brokers are freed from spending inordinate amounts of time on routine tasks. Insurance agents and brokers are able to focus their time and efforts on providing better client experiences and addressing the challenging aspects around their risk management.
“The response to our platform throughout the commercial insurance industry has been overwhelmingly positive,” said Mike Furlong, co-founder and CEO, Indio. “Leaders of commercial insurance agencies across the U.S. recognize their success depends both on how well their client-facing executives engage with clients and prospects, and their ability to drive efficiencies across their operations. Indio gives brokers and agents a platform to collect application and renewal data in a digitalized, efficient manner that improves customer experience and saves keystrokes.”
“Historically, the commercial insurance industry has lagged behind other sectors in the deployment of modern technology,” said Alex Kolicich, Partner, 8VC. “Indio is a compelling example of how insurance agents and brokers can use new technology solutions to enhance client experiences, improve efficiency and leverage their intellectual capital more effectively to benefit their clients.”
In 2016, Indio founders Mike Furlong, Adam Bratt, and Matt Watson set out to modernize and digitize the insurance application and renewal process. Indio provides a workflow management platform that delivers a suite of web-based solutions for insurance agencies throughout the U.S., helping insurance agencies improve client experience and become more efficient. Indio has raised over $8 million in venture financing from 8VC, NEA, Merus Capital and more. For more information, visit www.useindio.com.