Canopy Connect Raises $6.5M Series A Led by Nevcaut Ventures
As the go-to platform for collecting, verifying, and monitoring insurance information, I couldn’t be more thrilled to announce that Canopy Connect has closed a $6.5M Series A funding round. Nevcaut Ventures led the round, with participation from Elefund, Nimble Partners, LocalGlobe, 9Yards Capital, Global FinTech Venture Partners, and more.
The new capital helps us accelerate growth and double down on delivering connected insurance capabilities that help people get value and convenience from permissioned data, businesses reduce costs, and unlock faster, more profitable growth.
It’s hard to believe it’s been three years since we set out to build a key piece of infrastructure that was missing from the insurance market—a platform for exchanging verified insurance information.
It all started with a conversation I had with an insurance agent who told me she'd regularly drive to a client's home to help them download their declarations page so she could review their policy and talk through exposures and gaps in the current coverages. She was doing this because asking dozens of questions over the phone or prompting prospects to fill out long forms led to significant drop-offs in her sales funnel. She’d hear a lot of “I don’t have that information right now, let me get back to you later,” and never hear from the client again. As I spoke with more agents, I found they all had similar challenges getting complete and verified insurance information from their prospects.
Fast forward to today, and more than 3,000 insurance agencies (and 10,000+ agents) rely on Canopy Connect's unified insurance verification API to collect verified insurance information directly from the carrier and sync it to their comparative rater, CRM, agency management system, or loan origination system—all in a matter of seconds.
The insurance industry has lagged behind the broader financial services space in its use of digital technologies, resulting in an ever-widening technology divide. Businesses need to digitally transform faster to remain competitive and satisfy the needs of clients, prospects, and partners.
There are so many use cases that can leverage our core insurance verification capabilities in lending, finance, insurtech, driver management, B2B verification, and more. This infusion of cash enables us to expand our connected insurance capabilities and meet the needs of these markets.
Over the last 18 months, we’ve partnered with insurance carriers, embedded insurance companies, digital wallet apps, and other insurtech companies to remove friction from acquiring and verifying insurance information via our API. We’ve also successfully deployed our solution with auto lenders, mortgage companies, and loan servicers that use Canopy Connect to verify insurance policies at origination and monitor policies for loan servicing.
We’re thankful to our investors who champion our vision of connected insurance infrastructure helping people and businesses make better and faster decisions—whether that’s to share, retrieve, verify, monitor, or update insurance information. Hearing their enthusiasm over Canopy Connect has only made me more excited about the future we’re building together.
The past few years have been nothing short of extraordinary, and the journey has only just begun. From humble beginnings as a simple conversation to evolving into a transformative solution that empowers people and businesses, we've grown together. As we continue to build our remarkable team, I look forward to the future that lies ahead. There is so much more to build, and I couldn’t be more grateful to be on this adventure with our amazing team.
In the meantime, we’ve got work to do.
Cheers,
Tolga Tezel