ProNavigator, an insurance technology (InsurTech) company that helps leading carriers and brokerages overcome information barriers, announced today that it has closed a CAD $5.6 million financing round.
This latest round was co-led by new investor Luge Capital and existing investors GreenSky Capital and MaRS IAF, who were joined by iNovia Capital, BDC and CIBC Innovation Banking, and brings the company’s total amount raised to $7.8 million. The new capital will be used to hire key resources to power expanded operations in the U.S. and Canada, and to extend ProNavigator’s product line.
This announcement comes on the heels of significant momentum for ProNavigator. Founded in 2016, the company’s solutions have been implemented by industry heavyweights HUB International, Wawanesa and TD Insurance to deliver superior customer service and to more effectively seize revenue opportunities, and earlier this year ProNavigator was the only Canadian company selected by the U.S.-based consortium of insurance players, BrokerTech Ventures, to deliver innovation into the U.S. insurance broker industry.
“Information is the lifeblood of insurance, but too often it doesn’t flow fast enough to meet the demands of the business – resulting in lost time, missed revenue opportunities and lowered productivity,” said Joseph D’Souza, ProNavigator’s CEO and founder. “Underwriting teams, claims staff and brokers spend many hours each day searching for information and answering the same questions over and over again. The information and language within the industry are very specialized, so generic approaches are insufficient – that’s why we purpose-engineered a solution that is 100 percent focused on insurance.”
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