Kalepa, an insurance underwriting platform based out of New York, has raised a $14 million Series A funding round led by Inspired Capital, with previous investor IA Ventures participation. Also participating were Gokul Rajaram of Doordash, Coinbase, and formerly Google, Jackie Reses, formerly of Square, and Henry Ward of Carta.
Founded by Paul Monasterio and Daniel Hillman, the startup was launched in 2018 at commercial insurance underwriters.
Co-Founder and CEO Paul Monasterio said: “InsureTech has seen a massive evolution over the past decade, but commercial insurance—which supports hard-working business owners and protects their most important assets—has been left behind. We leverage billions of data points and unlock crucial insights to bring businesses and insurers a single version of the truth.”
Kalepa says its Copilot software automatically learns what the best underwriters are doing, allowing an underwriter to take a more accurate underwriting decision as quickly as possible vs. simply aggregating a lot of data for them. It competes with the legacy MGAs (e.g., RT Specialty, AmWins) and new entrants such as Pathpoint in the E&S market.
The co-founder at Inspired Capital and former U.S. Secretary of Commerce, Penny Pritzker, said: “Commercial insurance represents a $1T industry globally and helps 30 million U.S. businesses. Kalepa has brought some of the sharpest minds in understanding risk to this segment of the insurance market.” Veteran insurance player Mario Vitale is also joining Kalepa’s Board.