News
TrustLayer Raises $6.6 Million in Seed Financing to Expand its Insurance Verification and Compliance Platform
February 2021 by Marc Jacob
TrustLayer announced it has completed a $6.6 million seed round of financing. Abstract
Ventures led the investment along with Propel Venture Partners , NFP Ventures , and
Precursor Ventures . With an abundance of interest, the round was heavily oversubscribed, a
reflection of the strength of TrustLayer’s current compliance software and its success in
developing a digital proof of insurance solution.
Twenty of the top 100 insurance agencies in the U.S., as well as their C-suite executives, also
participated in the round. Some of these participating agencies include Holmes Murphy ,
Heffernan , M3 , NFP and Graham Company.
BrokerTech Ventures (BTV) , a group made up of 13 of the most innovative insurance
agencies in the U.S. and 11 top-tier insurance companies, is also a participant in the seed
round. This represents BTV’s first investment in a cohort member of their accelerator.
TrustLayer will use the funding to scale operations to meet the demands of its growing customer
base. The capital will also support an expansion of sales and marketing efforts, the
development of its digital proof of coverage solution with The Institutes RiskStream
Collaborative (the largest blockchain insurance consortium in the U.S.), and integrations with
many insurance carrier systems of record.
The seed financing comes after an impressive year for TrustLayer that included considerable
growth in industries such as construction, property management, sports and hospitality.
TrustLayer also developed new commercial relationships with several of the top 100 brokers
and carriers in the U.S. Partnerships formed with insurance and risk industry groups and
networks such as BrokerTech Ventures (BTV) , The Institutes/RiskStream , Beyond Insurance
and MarshBerry , are also playing a large role in expansion success. The next phase of growth
will involve rapid scaling in new and existing industries as well as progress towards the vision of
a real-time proof of insurance solution for businesses of all sizes, across all industries.
