Snapsheet, a renowned pioneer of virtual claims solutions, has reportedly announced the closing of a Series E investment round that raised approximately over $29 million and was led by enterprise software venture capital company, Tola Capital.
Reports cite, the funding raised in the round would enable the company to expedite the delivery of its innovative SaaS claims platform for all casualty & property lines.
According to a Snapsheet press release, the funding would also be invested in advanced analytics capabilities while also further expanding the team to be able to serve clients worldwide. While Tola Capital led the funding round, the company also saw participation from current investors F-Prime Capital, an USAA affiliate, Liberty Mutual Strategic Ventures & OCA Ventures with participation from new investors State Auto Labs, Nationwide & Sedgwick as well.
The Founder & CEO of Snapsheet, Brad Weisberg stated that the company has digitized the complete claims process and has advanced its cloud-based analytics & claims solutions over the last couple of years. Weisberg further stated that now the company is further accelerating & expanding its proven technology, processes & software, which makes quite an apparent impact on the process of auto-claims.
The Founder & Managing Director at Tola Capital & Snapsheet Board Member, Sheila Gulati stated that the company’s insurance carrier partners & customers are experiencing immense benefits through Snapsheet’s digital claims workflow by leveraging best data innovations & software to deliver better experiences to customers. Gulati further added that all interactions are an opportunity to facilitate better customer satisfaction & loyalty and the Snapsheet platform provides both as it makes the claims experience smoother for end-customers.
According to reports, following the Series E round, the total capital raised by the company has reached $71 million.