Better Agency, a broker-tech SaaS platform designed to help independent insurance agents automate their insurance sales and processes, has closed a $2.1 million series round.
The round was led by PHX Venture Partners, LLC, a major venture capital firm based out of Phoenix AZ. Better Agency co-founder and CEO Will Shaw said in an interview that while Better Agency received several term sheets, the company landed on PHX Venture Partners, LLC because of the firm’s vision for building long-term companies.
Mesa AZ-based Better Agency has become one of the insurance industry’s most successful, fastest growing broker-tech startups, achieving over $1 million in new revenue in their first operating year of 2020. Prior to funding, Better Agency was 100% bootstrapped. The company saw huge growth during 2020 as the pandemic forced a surge in remote work and a reliance on agency technology.
“Agencies can’t grow on scattered tech stacks, especially in a hybrid or remote world,” Shaw said. “Our platform keeps agencies focused and allows them to better automate tasks and communications they have with their clients at scale so that they can focus on better managing and growing their agency.”
Currently, more than 1,250 insurance agents in all 50 states rely on the Better Agency platform to manage and scale their agency.
Shaw said the idea of doing a fund raise was always a consideration. “We want to be the number one technology platform in the insurance industry,” he said. Better Agency will use this money to further improve and innovate its platform, and pursue our mission to help independent agents write over $1 billion in new premium by 2024”
Better Agency is focused on using these funds to create the most advanced product in the insurance industry.
Shaw later went on to say “these funds will help create more features inside the application. We’re already enhancing our current campaign library that has over one hundred built in campaigns. We’re making our agency management system more efficient and robust by triggering new workflows and campaigns from the downloaded data. We’re also creating better ways to calculate commissions and revenue. On top of that, our Acord functionality will be best in class.”
To support these major goals, Better Agency will be doubling its team of employees across all departments over the next year. Shaw said that while the company is open to remote workers, and currently has a team of them, Better Agency will still focus on hiring people located in Arizona.
Release ID: 89033986