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Venture Capital
forefrontvp.com

Investments

33

Portfolio Exits

4

About Forefront Venture Partners

Forefront Venture Partners, formerly known as Barbara Corcoran Venture Partners, invests in high-growth, revenue-generating, early-stage companies.

Headquarters Location

405 Lexington Ave 19th Floor

New York, New York, 10174,

United States

212-277-9000

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Latest Forefront Venture Partners News

London insurtech Sprout.ai scores £5.4M to redefine claims processing with AI

Oct 31, 2023

Headquartered in London, Sprout.ai, an AI-led insurance claims automation company, has scored £5.4 million in funding. The round was led by Amadeus Capital Partners known for investments in RoboK , ATMOS and Tenzo , and Praetura Ventures. Also, UK investors Capricorn Capital Partners and Portfolio Ventures Angel Fund, US investor Forefront Venture Partners and Canadian investor Verstra Ventures, and Sprout.ai’s existing investors, Octopus Ventures, Playfair, and Techstars participated in this round. Expansion plans The funds will be used to drive forward Sprout.ai’s go-to-market strategy, accelerate its growth, and continue to invest in product innovation and AI. The investment will also be used to expand into new insurance lines and global territories, including North America. AI-based claims automation and fraud detection Founded by Niels Thone and Raphael Guth in 2018, Sprout.ai harnesses the power of Contextual AI to revolutionise the insurance experience for global insurers and their consumers alike. The solution leverages proprietary Optical Character Recognition (OCR) and Natural Language Processing (NLP) technologies to deliver significantly reduced claim settlementtimes, increased fraud detection and industrial grade security to insurers. It also provides solutions for image analysis, audio analysis, document management, behaviour analysis, and more. The product accurately extracts and contextualises claims information and compares it to policy coverage, enabling claims’ handlers to spend more time directly with their customers and reduce the claims settlement time from weeks to minutes. As per the company, its purpose-built solution specialising in claims process automation, helps insurance carriers and third-party administrators (TPAs) increase operational efficiency and reduce claim handling costs by up to 50%, by automating parts of the claims process. The business provides services to a range of global partners, including AdvanceCare, MetLife and Generali. Roi Amir, CEO of Sprout.ai, said: “We process thousands of claims globally with our solution every day and millions of policyholders receive fast and accurate decisions as a result. This investment will enable us to grow further into international markets and continue to invest in our AI-led product to drive towards our vision to ‘Make every claim better’.” Amelia Armour, Partner at Amadeus Capital Partners, added: “We’ve backed Sprout.ai since its seed stage and our latest investment shows the confidence we have both in the company’s commercial offering and the team’s ambition. Insurance claim handling is a huge global market that is ripe for automation to improve efficiency and accuracy. We’re excited to see the product now make it onto the international stage.” David Foreman, Managing Director of Praetura Ventures, added: “Sprout.ai has grown at an impressive pace, and is now eyeing global expansion. There is a huge market potential in the global claims software sector, and with the team’s commitment to innovation and exceptional service, they are uniquely positioned to take advantage of the growing demand for their services. We look forward to supporting them with the funding, network and expertise to help them to achieve their ambitions.”

Forefront Venture Partners Investments

33 Investments

Forefront Venture Partners has made 33 investments. Their latest investment was in Sprout.ai as part of their Series B on October 31, 2023.

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Forefront Venture Partners Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

10/31/2023

Series B

Sprout.ai

$5.74M

Yes

3

7/28/2022

Series A

Evabot

$8.33M

Yes

2

7/8/2022

Series A

Circuit

$11M

Yes

2

7/6/2022

Series A

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$99M

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10

3/29/2022

Seed VC - II

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$99M

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10

Date

10/31/2023

7/28/2022

7/8/2022

7/6/2022

3/29/2022

Round

Series B

Series A

Series A

Series A

Seed VC - II

Company

Sprout.ai

Evabot

Circuit

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Amount

$5.74M

$8.33M

$11M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

3

2

2

10

10

Forefront Venture Partners Portfolio Exits

4 Portfolio Exits

Forefront Venture Partners has 4 portfolio exits. Their latest portfolio exit was Meural on September 06, 2018.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

9/6/2018

Acquired

$99M

1

1/17/2018

Acquired

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$99M

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10

12/13/2017

Acquired

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$99M

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10

5/11/2017

Acquired

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$99M

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10

Date

9/6/2018

1/17/2018

12/13/2017

5/11/2017

Exit

Acquired

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

Acquirer

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Sources

1

10

10

10

Forefront Venture Partners Team

2 Team Members

Forefront Venture Partners has 2 team members, including current Chief Executive Officer, Barbara Corcoran.

Name

Work History

Title

Status

Barbara Corcoran

Chief Executive Officer

Current

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Name

Barbara Corcoran

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Work History

Title

Chief Executive Officer

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Status

Current

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