Bold Penguin Positions for Growth with Financing Round
Insurtech innovator takes a big step forward in transforming commercial insurance
COLUMBUS, OH - Sept. 10, 2018 (GLOBE NEWSWIRE) - Bold Penguin, an InsurTech innovator transforming business in the commercial property and casualty (P&C) insurance segment, today announced the close of its latest growth round led by Pivot Investment Partners (Pivot), an investor in late venture and growth stage FinTech and InsurTech companies. This new financing provides growth capital to accelerate insurance company integrations, expedite the onboarding of agents, augment the software engineering and DevOps teams, and build a more robust sales, support and marketing organization.
“Pivot has been following Bold Penguin closely for the past 18 months and we have been deeply impressed by the high-caliber team, strong domain experience, distinctive solution to a complex problem, and ability to significantly improve the user experience in helping agents and carriers find the right small business commercial insurance coverage in an efficient manner,” said Akbar Poonawala, co-founder of Pivot.
Launched in 2016, Bold Penguin helps commercial lines P&C insurance agents, brokers, and insurers find and write profitable business faster. The company’s ability to reduce friction in the insurance buying process was further enhanced in late 2017 by the introduction of a new recommendation engine, Emperor, which utilizes data from the Bold Penguin Marketplace to better predict optimum placement of insurance risks.
Currently delivering and expanding API-first capabilities for insurance clients who want to build user interfaces (UIs) directly on top of Bold Penguin’s tech platform, Bold Penguin also offers portal access for traditional customers. Today, Bold Penguin works with partners of all sizes, ranging from the country’s Top 100 brokers to a growing roster of “Main Street” agencies.
“We are delighted with the support received from our investors,” said Ilya Bodner, co-founder and CEO of Bold Penguin. “Pivot has a track record for identifying promising startups, including Gusto and Trov which are part of their current portfolio. We especially value the operating expertise of Pivot and their ability to help grow tech-enabled businesses at scale. Expansion of our engineering teams will allow us to focus on shrinking the time it takes to go from quote to bind. This way, our agent and carrier customers can process more volume and are able to help their small business clients find the right coverage more efficiently and profitably.”
About Bold Penguin
Bold Penguin is where technology meets the human touch in commercial insurance. With a heavy focus on agents, Bold Penguin pushes the boundaries of user experience for businesses, is an easy tool for agents, and offers a streamlined process of underwriting for carriers. Founded by a group of entrepreneurs who spent their early days working with Allstate, Nationwide, Progressive, regional carriers and established insurance agencies. For more details, please visit www.boldpenguin.com.
About Pivot Investment Partners
Pivot Investment Partners LLC is a team of CEO-level operating executives who have grown and transformed financial services businesses around the world. The firm works closely with a select set of high-potential financial services, FinTech, and InsurTech companies, investing operating expertise and capital in their success and accelerated growth. For more information, please visit www.pivotinvestment.com.