Additional participation in the round came from existing investors, including Founders Fund and Meritech Capital.
“The nature of risk has changed dramatically over the past century, but the insurance industry has not modernized to meet these new challenges,” said Newfront co-founder and CEO Spike Lipkin. “This investment furthers Newfront’s commitment to building a modern platform for clients, insurance professionals and business partners.”
In a press release, it states that Newfront plans to grow its technology teams and focus in particular on leveraging data-driven insights for clients.
In addition, the company plans to invest in specialized customer resources and experts in a wide variety of industries and to expand in the US.
The financing also serves as further validation of the Newfront and ABD merger, which occurred in August 2021.
In just seven months, the company has already launched a new customer panel, refined benchmarking capabilities, welcomed more than 200 new colleagues, and also experienced record growth while achieving profitability.
Newfront Chief Executive Kurt de Grosz said: “Newfront is the model our industry desperately needs, one that puts customers and colleagues at the center and where shareholder returns are connected to delivering customer value. “.