Insurtech Company Snapsheet Raises $30M in Its Series E2 Round

by Gordon Gottsegen
March 25, 2021
Snapsheet employees
Photo: Snapsheet

Getting your car damaged or property stolen is already a terrible experience. Filing an insurance claim after that happens shouldn’t add salt to the wound.

Snapsheet is a Chicago-based company that partners with insurance carriers to automate the appraisal and claim filing process. Its cloud-based platform allows insurance companies to digitize this entire process from end to end, from the first notice of loss to investigation and repayment — creating a better experience for customers.

On Thursday, Snapsheet announced that it raised $30 million in a Series E2 round led by Ping An Global Voyager Fund and Pivot Investment Partners. This comes almost two years after Snapsheet raised its last funding — a $29 million Series E from May of 2019. In total, Snapsheet has raised over $100 million in funding since it was founded in 2011.

In that time, Snapsheet has processed millions of insurance claims and over $7 billion worth of appraisals.

The company has been growing over the past year too. Snapsheet has added 17 new software clients since 2020. It now serves over 100 clients.

Different aspects of the insurance industry have been steadily marching toward digitization and automation for the past few years, and Snapsheet has been doing this for the past decade. But like many other industries, this adoption of tech solutions was greatly accelerated during the COVID-19 pandemic.

“As carriers and their customers are forced to work and engage virtually, we have seen demand for our technology skyrocket in the wake of COVID-19, and it’s here to stay,” CEO and founder Brad Weisberg said in a statement. “By digitizing the entire claims process from start to finish, we’re able to automate any task, and empower insurers to provide exponentially better customer experiences at the most critical point in their customer lifecycle.”

“Snapsheet’s cloud-native claims management platform is an end-to-end solution that can plug into the existing tech stack to digitize and automate processes through omnichannel engagement tools, no-code workflow engine and API-driven flexibility. This gives auto and home insurers an out-of-the-box platform to dramatically improve claims experiences,” added Donald Lacey of Global Voyager, who will be joining Snapsheet’s board of directors.

The company’s Series E2 funding will help the company continue to develop tech products for the insurance space and add more features to its platform. Snapsheet also plans to use some of the funding to grow its team. The company says it will make “key hires across engineering and sales teams,” with several of these roles open right now.

Also in ChicagoLogistics Platform FourKites Gets $100M in Its Series D Round

Jobs at Snapsheet

Chicago startup guides

LOCAL GUIDE
Best Companies to Work for in Chicago
LOCAL GUIDE
Coolest Offices in Chicago Tech
LOCAL GUIDE
Best Perks at Chicago Tech Companies
LOCAL GUIDE
Women in Chicago Tech