Latest Pathpoint News
Jun 30, 2021
Pathpoint Raises $30 Million In Series A Financing Caffeinated Capital Leads Pathpoint's Third Financing Round, Joined by Repeat Investors Chubb, SciFi VC & Founders Fund, Along With Leading Insurance Carriers SAN FRANCISCO, June 29, 2021-- Pathpoint, the insurance industry's first digital E&S distributor, announced today that it has raised $30 million in Series A funding, the third round of financing since the company's founding. Investors include Caffeinated Capital, who led the round, and repeat investors including SciFi VC, Founders Fund, and Chubb. Hiscox and other leading carriers also participated. Launched in late 2020, Pathpoint offers retail agents P&C and professional lines products from 10 top-rated carriers through the company's online platform. Pathpoint combines world-class technology with the service capabilities of a full-service brokerage, a first for the E&S industry. Pathpoint's technology improves the value and efficiency of the insurance distribution chain from quote to issuance, and at every stage in between and also reduces the cost of doing business by charging carriers lower commissions than traditional wholesale distributors. With one submission, agents can find out instantly which carriers can quote the risk and bind those quotes online. Compliance and account servicing is handled at every step of the placement, binding, and renewal process. "More and more business has been conducted through the E&S market in recent years, yet it's one of the key segments of commercial insurance that has not been effectively digitized in any meaningful way," said Alex Bargmann, Co-Founder and CEO of Pathpoint. "Carriers and agents are desperate for a better way to conduct business. Pathpoint gives retail agents what they've long deserved: a fast and transparent way to access, bind, and service E&S products online. I feel privileged that we have the capital and carrier support to bring digital distribution to this market." Proceeds from the funding will be used to further invest in software engineering and R&D and invest in growing and scaling distribution. Non-admitted coverage is typically procured through the use of wholesale brokers who access the E&S, or Excess and Surplus Lines, marketplace. E&S risks cannot be placed in the conventional markets due to a shortage of capacity or the complexity of the risk. About Pathpoint Pathpoint, Inc. is the insurance industry's first fully-digital E&S brokerage, combining world-class technology and first-class service to give agents bindable quotes from multiple, best-in-class E&S carriers, instantly. Thanks to the efficiencies gained from the technology, Pathpoint distributes these products at lower cost than other brokers, and Pathpoint is free to all retail agents, with no software to download. As a surplus lines brokerage licensed across the U.S. and a coverholder at Lloyd's of London, Pathpoint distributes admitted and non-admitted products across multiple lines of business to U.S.-based retail agents. To learn more about Pathpoint, visit our website.