Insurance tech startup Indio Technologies announced it has finalized it’s latest funding round, which will aid its focus on streamlining the business insurance application process.
The $20 million it received in Series B funding came from Menlo Ventures, which led the funding round. Another firm, 8VC, also chipped in. This latest funding ups Indio’s funding total to $30 million.
“Before Indio, the painful and redundant paper-based business insurance process was considered a necessary evil to attaining insurance coverage,” said Mike Furlong, CEO and Co-founder, Indio Technologies, in a statement explaining how Indio simplifies the process of getting commercial insurance.
“We moved that entire process to a secure online platform that reduces steps, entirely eliminates data duplication, and improves the experience for both the business and the insurance broker,” Fulong said.
In addition to the funding round news, Indio has also beefed up its staff by hiring Mark Costigan as VP of Finance, and Scott Bordenave as Head of Talent Acquistion. Costigan comes to Indio from Google, while Bordenave was previously at Yammer and Microsoft.
Indio was launched in 2016 by Adam Bratt and Mike Furlong.