Snapsheet, a provider of cloud-based insurance claims services, has closed a $29 million Series E funding round led by Seattle-based Tola Capital with participation from new investors Nationwide and State Auto Labs in Columbus and Memphis-based Sedgwick.
The funds will will enable the Chicago-based company to accelerate the delivery of its end-to-end SaaS claims for all lines of property and casualty, further invest in advanced analytics capabilities and expand its team to serve clients globally.
“Snapsheet has digitized the entire claims process,” Snapsheet Founder and CEO Brad Weisberg said in a statement. “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.”
With this round, Snapsheet has raised a total of $71 million in its efforts to drive change in the claims industry. The Series E round was existing investors Liberty Mutual Strategic Ventures, F-Prime Capital, OCA Ventures and an affiliate of USAA also participated.
“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,” Tola Capital Founder Sheila Gulati said in a statement. “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.” Gulati is also a Snapsheet board member.
FT Partners served as the exclusive strategic and financial adviser to Snapsheet and its board of directors in the transaction.
