Total Capital Raised for Bold Penguin Tops $50 Million
Tech Company Closes Series B with Participation from Multiple Growth Equity Firms
COLUMBUS, Ohio, Sept. 23, 2019 /PRNewswire/ -- Bold Penguin, a Columbus Ohio commercial insurance technology provider, is pleased to announce it has completed a $32 Million Series B funding round which brings the total capital raised to date over $50 Million.
The participation included growth equity firms Hudson Structured Capital Management Ltd., Lightstone, Guggenheim Insurance, Lockton, existing investors and individuals from Stone Point Capital.
The company says the additional capital is to accelerate growth in engineering. It plans to deliver on platform enhancements which include more flexibility in how the core technology is leveraged by enterprise customers, expanding in Excess and Surplus (E&S) Lines, as well as maintaining the rapid pace of admitted carrier integrations needed to support the 950,000 businesses handled through Bold Penguin's technology.
"The commercial insurance space is a fantastic area of insurance that welcomes an upgrade," said Ilya Bodner founder and CEO of Bold Penguin. "Having support from not only the industry but also the investment community to help fix the problems from within is very exciting in this next chapter of our company," Bodner adds.
Bold Penguin, started in 2016, has quickly grown to be the supporting infrastructure of commercial insurance for industry giants and the distribution channel. It allows for the quoting and binding of commercial insurance to happen in hours or minutes versus the traditional methods which sometimes take weeks.
"We're thrilled to partner with our investors as we build out the next generation of commercial insurance products and features. Building a technology company from the ground right here in Columbus Ohio has been great for us and the region," said Ben Clarke CTO and co-founder of Bold Penguin.
About Bold Penguin
Bold Penguin is where technology enhances the human touch in commercial insurance. With a heavy focus on agents, Bold Penguin upgrades the user experience for businesses, creates 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, and Progressive alongside regional carriers and established insurance agencies. For more details, please visit www.boldpenguin.com.
SOURCE Bold Penguin