New York-based startup Kalepa has secured $75 million in a Series B funding round, reaching a valuation of $470 million. The round was led by Updata Partners, with follow-on participation from existing investors IA Ventures and Inspired Capital.
Founded by Paul Monasterio and Daniel Hillman, the company provides AI software for underwriting, pricing, and portfolio management. It currently operates in over 10 countries and has been cash flow positive for more than two years.
The platform integrates research and data to assist underwriters, with users reporting a 58% increase in premium per underwriter and a 30–60% faster delivery of quotes. The company also noted a 960 basis point improvement in the combined ratio.
Kalepa has raised a total of $91 million to date. The new capital will be used to expand its AI product suite, enter new markets, and double the size of its team by 2027.
