Seven figures’ worth of fresh capital has rolled in for one of the region’s insurance technology startups.
Fenris Digital, which makes software that insurance companies use to prescreen applicants and reduce the number of questions applicants need to fill out, recently completed a raise of $1.7 million in seed funding.
CEO Jennifer Linton founded the company in 2016 after stints at locally based insurers Allianz Worldwide Partners and Elephant Auto Insurance, where she said she saw a need for such services.
“We’re finally in a position where insurance companies want to improve the application process. … It can be off-putting in its length and its complexity,” Linton said. “That’s the value we offer to insurance companies or agencies. They get the information they need to prefill the applications.”
Fenris’ main product is software that can be integrated into other insurance companies’ sites. Its clients run the gamut in terms of size and location, Linton said.
“Fenris will never be a household name, but we’re the engine that powers a lot of what the carriers do,” she said.
The company is based in Innsbrook at 4198 Cox Road. It has a staff of 11, along with a satellite office in Atlanta.
Investors in the capital raise included 757 Angels Group, a Hampton Roads-based venture capital firm.
Linton said aside from a small friends-and-family funding round, it’s the first sizable raise of outside funding for Fenris. The money will be used to grow its sales team and improve its technology.
Going forward, Linton said they’d like to dip into other markets beyond insurance companies.
“We’re beginning to test with a lot of financial services customers and how our (software) and data can help those companies,” she said. “We have one financial services client now and hope to add more.”
The local insurance startup scene is lush with players large and small.
Buddy, an episodic accident insurance company, and Pogo, a business insurance startup focused on the self-employed, both launched in recent years.