TrustLayer raises $15M Series A to digitize insurance verification
In the first quarter of 2020, I was introduced to John Fohr, CEO at TrustLayer (thanks to Tim Young). John had been around the world working in tech, real estate, and private equity, seeing firsthand how the exchange of insurance information played a critical role in building trust for economic activity.
TrustLayer provides a collaborative risk management platform to verify counter-party insurance coverage. The company’s approach to software has similarities to how Carta attacked the cap table management business, which was previously error-prone, data-rich, but unstructured. In the same way, once the data is structured, TrustLayer is able to build other services enabling the digitization of the insurance industry. Accelerating this change, TrustLayer is in a unique position adding value to insureds, brokers, and carriers — a real win-win-win.
In May 2020, as the pandemic was in its early days, Propel led a $1.5M Pre-Seed round in TrustLayer. In December 2020, as the business was establishing credibility with leading brokers and carriers, TrustLayer secured a $5M Seed round led by Abstract Ventures with participation from NFP Ventures. Today, TrustLayer is announcing a $15M Series A round led by Craft Ventures, a leading SaaS-focused venture fund.
We are thrilled to have the support from our customers, partners, and a world-class syndicate behind John, Vincenzo, and the entire team as we continue building TrustLayer into a category-defining company.
TrustLayer is hiring! Reach out if we can help connect you.
About Propel
Propel Venture Partners is a VC fund investing in entrepreneurs reimagining financial services. We lead or co-invest from the earliest stages to opportunistically co-investing at later stages. Our initial investments range from $250k to $5M in Pre-Seed to Series A rounds. Established in 2016, Propel has invested in more than 40 companies in five countries, including the United States, Mexico, and Brazil. Notable portfolio companies include Coinbase, Hippo, Guideline, Neon, Newfront, and DocuSign.
