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Insurtech Company Indio Raises $6M In Series A Funding

Insurtech Company Indio Raises $6M In Series A Funding

Indio Technologies announced Tuesday it raised $6 million in Series A financing intended to build its brand, sharpen its sales effort and expand its insurance processing platform.

The boost from 8VC, 500 Startups, Merus Capital and Compound doubled as an endorsement for the firm’s fintech product, which streamlines and digitizes the aggregation of application and renewal data for brokers and agents.

“Insurance agencies have been left behind when it comes to software,” Mike Furlong, co-founder and CEO of Indio, told Benzinga. “Many technology companies that historically service insurance agencies were created before the internet and do not have flexible and modern software. As a result agencies are burdened with inefficient processes that are based around these core systems.”

The market seems to have been waiting for this. Since debuting its product last May, Indio’s users have increased 35 percent month-over-month, and it's secured as clients more than 10 of the nation’s top 100 insurance agencies and brokers.

“We've had pretty explosive growth since launching,” Furlong said, noting that most has been driven by client referrals.

Indio’s $6 million raised in Series A builds on an additional $2 million in seed financing. The team will apply the funds to build out technology and expand the engineering team.

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