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Insuretech startup Bold Penguin Inc. completed a $32 million Series B funding round. The Columbus company, which has raised $51.8 million to date, will use the funds to accelerate R&D by way of growing its employee roster, which doubled in the past year, and lay runway for firm’s expansion into specialty markets that insure high-risk segments.

The investors included growth equity firms Hudson Structured Capital Management Ltd., Lightstone, Guggenheim Insurance, Lockton, existing investors and individuals from Stone Point Capital.

Bold Penguin, founded in 2016, has grown to be the supporting infrastructure of commercial insurance for industry giants and the distribution channel. The company’s portal streamlines the process of underwriting insurance policies for carriers, enabling agents and carriers to reduce the time it takes them to find, quote and bind commercial insurance policies.

“The commercial insurance space is a fantastic area of insurance that welcomes an upgrade,” Bold Penguin Founder and CEO Ilya Bodner said. “Having support from not only the industry but also the investment community to help fix the problems from within is very exciting in this next chapter of our company.

To learn more about Bold Penguin’s growth journey, check out Smart Business Dealmaker’s story on the company.