QuoteWell discloses $20 million in funding

Commercial insurance wholesale brokerage QuoteWell is publicly disclosing $20 million in funding with backing from New Enterprise Associates, Goldcrest and Floating Point.

The startup also announced the launch of its brokerage operations to serve independent retail agents.

Founded in 2021 as Capacity Post, QuoteWell is based in Austin and claims to help agents close more business for hard-to-place risks.

The capital will be used towards expanding the company’s brokerage team and enhancing its infrastructure.

“We see a huge opportunity to better serve a segment of the insurance business that is often underserved by incumbents and developed what we call a hybrid insurtech that aims to provide the best service and results for our customers. As a part ‘software startup focused on the insurance sector’ and part ‘wholesale broker,’ we combine industry best practices with a forward-looking, innovative lens to deliver the most impact.” – Joey Bouchard, CEO and founder, QuoteWell.

“We are excited to partner with QuoteWell as they lead progressive change in a growing market of the insurance industry. We believe Joey and the QuoteWell team have proven the value of and opportunity in marrying human relationships with automated systems, data and software for best-in-class outcomes. Innovation is critical and QuoteWell is driving efficiency and advancing processes and results for an important corner of an essential industry.” – Rick Yang, partner and head of Technology, NEA.