Insurtech Ennabl raises $8m to change way brokers use data
Insurtech data analytics platform Ennabl has completed an US$8m Series A funding round, which it says will “accelerate the company’s growth and expand its market reach”.
The funding round was led by Brewer Lane Ventures with participation from Altai Ventures and other private investors. The company will use the money raised to invest in product development, expand its sales and marketing efforts, and recruit additional talent.
Launched in 2021 by a team of experienced industry veterans, Ennabl is on a mission to help brokers with data, insights, and workflow challenges.
Its SaaS platform helps insurance brokerages and agencies to harness data to drive top-line growth, with machine learning algorithms that provide actionable intelligence for brokers to increase their commissions, find new customers, grow their book of business, and manage carrier strategy by extracting, cleaning and enriching data from all of the broker's systems and processes.
Ennabl ‘revolutionising way brokers leverage data’
Despite only launching two years ago, it is already reporting “rapid growth” and has taken on board a number of the world’s largest insurance brokers. It has also partnered with several technology and service providers to provide actionable external data that allows brokers to accelerate their top-line growth.
Kabir Syed, CEO of Ennabl, says: "Ennabl's mission is to provide cutting-edge solutions for insurance brokers and agencies to help them grow their book of business and simplify their existing processes. We're thrilled to have Brewer Lane Ventures and our other investors on board as we continue to grow our platform and help brokers achieve their goals."
Chris Downer, Partner at Brewer Lane Ventures, adds: “We're excited to partner with Ennabl as they continue to drive innovation in the insurance technology space. Their platform is revolutionising the way insurance brokers leverage data, and we see tremendous promise in Ennabl's ability to further impact the market."
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