Western & Southern’s Strategic VC team recently made an investment in local insurance tech startup Coterie, as part of a Series A financing round. Series A financing is the first round of significant venture capital financing for a new business. Western & Southern was among a number of investors, including RPM Ventures, Allos Ventures, Intercept Ventures, Frontier Venture Capital, and Sure Ventures, as well as several former executives from the property and casualty insurance industry. The Western & Southern Strategic VC team previously invested in the initial seed funding for Coterie in July 2019.
Coterie represents one of many VC investments that have been made by Western & Southern's Strategic VC team aligned with strategic Enterprise initiatives and innovation objectives.
Coterie was founded to modernize commercial insurance and seeks to design optimized insurance products and buying experiences. Their current insurance offerings include business owner’s, general liability and professional liability policies, using customized, integrated software (API integration to channel partners) to provide customers a seamless buying experience.
The total $8.5 million of funding, which includes Western & Southern's minority investment, will be used for customer acquisition and operations to help the company continue to grow.