–Funding round also included Participation of Avanta VenturesManchester history, Cohen’s CircleSiriusPoint and Private investors–
NEW YORK, January 12, 2023 /PRNewswire/ — Insurance Technology Company Joyn Insurance announced today that it exceeded its fundraising goal with a $17.7 million Series A funding round led by OMERS Ventures with the participation of Avanta VenturesManchester history, Cohen’s CircleSiriusPoint and several retail investors.
Launched in July 2021, Joyn Insurance integrates insurance, data and technology expertise, delivering a faster, more accurate and seamless experience that saves time, cost and frustration. This integration makes Joyn unique within the E&S space, as it offers an industry-leading underwriting and workflow platform for the fastest and easiest-to-link coverages for the market.
Since entering the market, Joyn has underwritten over 500 policies with approximately 80 business partners, covering over 300 policyholders. Today, Joyn provides E&S coverage for property, general liability and corporate surplus in over 700 NAICS codes in 36 states and washington d.c.
“We created this company to eliminate the pain points and operational inefficiencies that have frustrated brokers and underwriters for as long as we can remember, and we are proud to carry out this bold mission,” said Joyn’s CEO. Seraina Macia.
“This funding will allow us to continue to build and grow so that we can continue to deliver a premier insurance experience in the marketplace,” Macia continued. “Many brokers already see that we can deliver what we were built to do, and with our broad E&S appetite for small to mid-sized property and general liability risks, we look forward to adding more relationships with our business partners in the near future.”
Representatives of OMERS Ventures, Manchester Story and Avanta Ventures will also join the board of directors of Joyn Insurance.
“We are thrilled to have world-class partners on board as we continue to show our growing number of brokers and clients what a joyful, technology-enabled insurance experience in the E&S market can look like,” Macia said.
“We invested in Joyn because we saw the results they are already delivering and the huge potential for their future growth in the ultra-hot E&S space,” said David Wechsler at OMERS Ventures. “As we were diligent in evaluating this opportunity, I was particularly struck by the broker feedback I received from those who had worked with Joyn.”
“Despite a high bar for admitted products, the E&S quoting and bonding experience at many companies is still largely done by pen and paper, and the brokers we spoke to were amazed at how Joyn addresses these longstanding inefficiencies,” Wechsler continued. “We couldn’t be prouder to support this world-class team as they disrupt the fastest growing commercial insurance industry.”
The new funding, which brings the total raised by the company to more than $30 million, will be used to further enhance its technology platform and data capabilities, and to demonstrate the value of its innovative, technology-driven insurance offerings. This will help significantly expand the size of Joyn’s squad by the end of this year.
TigerRisk Capital Markets and Advisory acted as financial advisor to SiriusPoint in this transaction.
Joyn Insurance Services Inc. is a Delaware– domiciled and licensed producer and general agent who operates under his “Joyn”MT and “Joyn Insurance“MT brands. Joyn is an insurtech company that will underwrite commercial insurance in the small and medium business markets. Joyn leverages technology, data and expertise to deliver a seamless and trusted experience for brokers and clients.
Show original content:https://www.prnewswire.com/news-releases/insurtech-joyn-insurance-announces-17-7-million-in-series-a-funding-led-by-omers-ventures-301720715.html