Outmarket, a startup utilizing AI to automate administrative tasks for insurance agencies, has secured $34.5 million in a Series B funding round. The investment was led by SignalFire, with additional participation from Fika Ventures, Permanent Capital Ventures, TTV Capital, and Dash Fund.
The latest financing round occurs just four months after the company raised $17 million in its Series A. According to sources familiar with the deal, this new round brings the valuation of the startup to $355 million.
Founded in late 2023 by former Ethos executive Vishal Sankhala, the company focuses on commercial insurance. Its platform assists brokers in navigating complex coverage requirements and application processes by automating paperwork, allowing agents to prioritize client interactions.
Since launching its product 14 months ago, Outmarket has onboarded over 300 insurance agencies as customers. This client base includes 25 percent of the top 100 insurance agencies, marking significant growth in a sector traditionally characterized by slow adoption of new technologies.
