TrustLayer raises $15.1M in Series A round led by Craft Ventures
At a Glance
TrustLayer, a collaborative risk management platform, raised $15.1M in a Series A funding round headed by Craft Ventures. The new cash will be used to improve the company’s live digital proof of coverage solution and its connections with other insurance provider systems.
TrustLayer, a collaborative risk management platform, has announced that it has raised $15.1 million in a Series A funding round led by Craft Ventures. Other participants include Abstract Ventures, Box Group, Propel Venture Partners, NFP Ventures, Sure Ventures, and new investor PruVen Capital. Brian Murray, a partner and COO of Craft Ventures, will join TrustLayer’s Board of Directors as part of the investment round.
This financing round will enable the firm to extend its live digital proof of coverage solution and interface with a range of insurance provider systems of record, expanding on pilots with significant carriers like Liberty Mutual and Nationwide.
In just two years, TrustLayer has established itself as the preferred solution to replace the insurance industry’s old-fashioned, paper-based methods for verifying coverage, which expose supplier-driven sectors like construction, banking, property management, and sports entertainment to significant risk. Twenty of the top 100 brokerage firms, including the Graham Company, Holmes Murphy, Heffernan Insurance Brokers, M3, and BrokerTech Ventures, have endorsed TrustLayer. TrustLayer secures this process by using robotic process automation (RPA) and artificial intelligence (AI) to check the insurance and licenses of vendors, suppliers, borrowers, and renters.
It’s clear that verification of insurance and business credentials is a pain point for millions of businesses, which is why we have seen such enthusiastic support for TrustLayer’s secure, automated solution.John Fohr, co-founder and CEO of TrustLayer
We are especially proud to have such significant backing from a top-tier SaaS fund like Craft Ventures as well as some of the top insurance brokers in the country, a tremendous industry validation for our technology. We look forward to continuing this momentum with the support of our investors.John Fohr, co-founder and CEO of TrustLayer
Following the success of numerous pilots in 2020, prominent insurance brokers decided to invest in the firm and become sales channel partners, reselling the service to their clients. TrustLayer is BrokerTech Ventures’ first investment in a startup that completed its accelerator program. BrokerTech Ventures comprises 13 of the most creative insurance agencies in the United States and 11 top-tier insurance firms. The only solution with this degree of industry backing is TrustLayer.
Insurance helps mitigate risk. For businesses, insurance plays a critical role in the durability of its operations. The problem is no one is exactly sure who’s covered and by how much — we’re still swapping poorly scanned PDFs and faxes to prove outdated coverage. TrustLayer fixes this. Their technology automates the collection and verification of insurance, helping companies and their partners accurately assess risk and avoid business interruption.Brian Murray, a partner and COO at Craft Ventures
TrustLayer’s Series A funding follows an outstanding year for the company, which saw significant development in construction, property management, sports, and hospitality. To meet the increasing demand for its solution, the firm aggressively employs top personnel across its sales, marketing, and engineering departments.