Kalepa, an insurance underwriting platform based in New York, has raised a $14 million Series A funding round led by Inspired Capital, with participation from previous investor IA Ventures. Gokul Rajaram of Doordarshan, Coinbase, and formerly of Google, Jackie Rees, formerly of Square, and Henry Ward of Carta were also participating.
Founded by Paul Monasterio and Daniel Hillman, the startup was launched in 2018 with the aim of commercial insurance underwriters.
Co-founder and CEO, Paul Monasterio, said: “Insurance has seen massive growth over the past decade, but commercial insurance—which supports hard-working business owners and protects their most important assets— We leverage billions of data points and unlock critical insights to bring businesses and insurers one version of the truth.”
Kalepa says its CoPilot software automatically learns what the best underwriters are doing, allowing an underwriter to make more accurate underwriting decisions versus simply collecting a lot of data for them. It competes with legacy MGAs (for example, RT Specialty, Mvins) as well as new entrants in the E&S market such as Pathpoint.
Penny Pritzker, Co-Founder of Inspired Capital and former US Secretary of Commerce, said: “Commercial insurance represents a $1T industry globally and helps 30 million US businesses. Kalepa helped understand the risks of this segment of the insurance market. I have brought in some sharp minds.
Veteran insurance player Mario Vitale is also joining Kalepa’s board.