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Insurtech startup Zopper has raised a $75 million Series C round led by Creaegis along with ICICI Venture and Bessemer Venture Partners. Existing investors Blume Ventures and Tiger Global also participated in the round. The funds raised will enable Zopper to further enhance its SaaS platform and data analytics capabilities, build next-generation data engineering teams, drive business development initiatives, achieve inorganic growth and explore opportunities in international markets.
“Our deep understanding of technology, data and insurance products has led to the next generation of SaaS-enabled distribution platforms. The insurance industry has yet to witness the use of such technology-enabled products. Through this platform, Zopper brings together partners and insurers Zopper’s Co-founder and CEO Surjendu Kuila said:
Zopper aims to revolutionize insurance distribution with its SaaS platform, deep integration layer, and data analytics capabilities. The company has more than 150 partners operating in more than 1,200 cities and aims to achieve $500 million in annualized gross premiums (GWP) by March 2024, the company said in a statement.
“We believe technology will play an important role in improving distribution efficiency and increasing penetration of insurance and insurance products. Given ICICI Venture’s successful investment track record in the insurance space, we believe Zopper is well-positioned to capitalize on this long-term growth opportunity. We Excited to support the management team’s vision to build Zopper into a leading insurtech company with its scalable technology, collaborations with multiple insurers, and partnerships with distribution channels across industries,” Gagandeep, Director of Private Equity, ICICI Venture S Chhina said.
Founded in 2011, Zopper is an embedded insurtech platform that aims to democratize insurance distribution through its SaaS platform.