Des Moines, IA - November 10th, 2020 - BrokerTech Ventures, founded in 2019 as the first broker-led platform for broker-centric innovation, ideation, investment, and communication, closed a co-leading funding effort to raise $4 million in capital for Highwing, a Denver-based insurtech company focused on an open exchange ecosystem for the benefit of the insurance industry value-chain.
Born from a brokerage, Highwing is focused on helping the insurance industry take control of their data — delivering better results faster to change both processing and management for brokers and carriers.
Partners in co-leading this investment round, Baldwin Risk Partners, an independent insurance distribution firm, and BrokerTech Ventures were joined by member firms, Holmes Murphy, The ABD Team, Conner Strong & Buckelew, and Heffernan Insurance Brokers. Investment groups Cameron Ventures, Revolution’s Rise of the Rest Seed Fund, SkyKnight Capital, SpringTime Ventures, AmWINS Group, and Service Provider Capital aligned in capital support to complete the Highwing investment round.
"Our BrokerTech Ventures agencies could not be more thrilled to be co-leading the investment round in Highwing and their open exchange technology platform. Leaning into technology and innovation matters now more than ever,” said Dan Keough, Holmes Murphy chairman and CEO and BrokerTech Ventures co-founder. “We believe that by marrying BrokerTech Ventures and our $1.6 billion in collective distribution with the Highwing technology, we hold a tremendous opportunity to change the insurance industry and impact the value chain for the benefit of all."
Commercial insurance is expected to reach $900 billion by 2021 but has been restricted by manual methods. Utilizing their innovative insurtech platform, Highwing intends to use the $4 million in funding to expand their product suite, allowing users to organize insurance applications and more, providing a valuable service to the industry.
“We’re tremendously grateful for the support BrokerTech Ventures has provided to co-lead our seed funding round, which enables us to add staff to our engineering team and expand our product,” said Highwing CEO Erik Mitisek. “BrokerTech Ventures is uniquely positioned as a first mover in insurance innovation and their strong combination of amazing broker partners and insurance wisdom from the best in the industry will propel Highwing forward.”
"This is an exciting time for BrokerTech Ventures, our agency partners, for Highwing, and for our insurance industry at-large,” said Dan Keough. “As the co-leading investment partner and by bringing together our collective BrokerTech Ventures agency and insurance company multibillion-dollar distribution platform, we hold an opportunity to bring greater value to the end customer in a more cost effective and efficient manner."
Tuesday, November 10, 2020