Outmarket, a startup focused on automating insurance paperwork with AI, has announced a $34.5 million Series B funding round. The investment was led by SignalFire, with additional participation from Fika Ventures, Permanent Capital Ventures, TTV Capital, and Dash Fund. This latest round values the company at $355 million.
The funding comes just four months after Outmarket secured a $17 million Series A round. The company's AI technology aims to streamline time-consuming administrative tasks for insurance agencies and brokers, particularly in the commercial insurance sector.
Vishal Sankhala, who previously led product at Ethos, launched Outmarket in late 2023. The startup has attracted over 300 insurance agencies as customers since launching a new product 14 months ago, including 25% of the top 100 agencies.