Inspired Capital led the Series A round of funding for Kalepa, a New York-based insurance underwriting platform. Previous investor IA Ventures also participated. Gokul Rajaram, Coinbase and formerly of Google were also present, as well as Jackie Reses, formerly from Square, and Henry Ward, of Carta.
The startup was founded by Daniel Hillman and Paul Monasterio in 2018. It is a commercial insurance underwriters company.
Paul Monasterio, co-founder and CEO of InsureTech, stated: While InsureTech has experienced a tremendous evolution over the past decade but commercial insurancewhich supports hardworking business owners and protects their most valuable assetshas been neglected. We use billions of data points to unlock key insights and bring together all the facts for insurers and businesses.
Kalepa claims that Copilot software automatically learns from the top underwriters, which allows an underwriter make a better underwriting decision faster than aggregating lots of data. It is competitive with legacy MGAs, such as RT Specialty and AmWins, as well as new entrants like Pathpoint in E&S.
Penny Pritzker is co-founder of Inspired Capital and a former U.S. secretary of commerce. She stated: The $1T global industry for commercial insurance helps 30 million U.S. companies. Kalepa brought the best minds to understand risk in this sector of the insurance industry.
Kalepas Board member Mario Vitale, a veteran insurance player, is also joining the board.