Counterpart, a management liability insurtech, has raised USD30 million in a Series B growth financing led by Vy Capital, a global technology investment company that has backed leading companies such as Coalition and Reddit.
Prior investors also participated in the round, including Valor Equity Partners, an early backer of Tesla, SpaceX, Addepar and GoPuff, and Felicis Ventures, which has funded Plaid and Credit Karma, bringing Counterpart’s total capital raised to USD40 million.
Counterpart will use the growth capital to expand its footprint in the USD20 billion private company management liability insurance market, scale its team and launch new products–including Crime and Excess insurance in the coming months. Counterpart’s extensive network of appointed brokers already offer its three existing management liability products: Directors and Officers, Employment Practices, and Fiduciary.
The company is also investing in its broker distribution partnerships to make management liability insurance more accessible to small businesses with the introduction of a new API platform.
