Outmarket Raises $34.5 Million Series B, Four Months After Announcing Our Series A

Today, we are announcing that Outmarket has raised a $34.5 million Series B led by SignalFire, with participation from Fika Ventures, Permanent Capital Ventures, TTV Capital, and Dash Fund.

We announced our Series A recently. We did not expect to raise again this soon.

What changed was the speed at which brokers adopted Outmarket. Since our Series A, more agencies have brought Outmarket into their daily operations, while existing customers have expanded across more teams, more lines of business, and more workflows. Today, Outmarket is used by more than 300 agencies and over 10,000 users, including more than a quarter of the top 100 US brokers.

Our Proposal Builder alone now produces thousands of client proposals every month. Every day, brokers use Outmarket for quote comparisons, policy checks, coverage analysis, benefits comparisons, certificates, loss runs, AMS account setup, and other work that previously consumed hours of their teams' time.

Built for how brokers actually work

A day at an agency is filled with work that has surprisingly little to do with advising clients. Much of the busywork of moving information between agency management systems, carrier portals, document repositories, email, spreadsheets, and dozens of specialized applications, pulls talented people away from the relationships and judgment that make a brokerage.

We started Outmarket to change that. Our goal from day one was to augment brokers through technology that understands the same insurance documents they understand, operates inside the workflows they already run, and handles the manual work surrounding those workflows.

We built a system that understands an agency: every document associated with an account (policies, claims, quotes, and much more), the information in the AMS, the carrier relationships, and how they work. Instead of simply answering questions about that information, the system can act on it. 

Proposals, policy checking, coverage gaps, routine servicing work, and so much more can be handled, and no data entry is needed. When judgment is required, it brings the decision to the right person with the right context.

When that happens, account managers can spend more time with clients. Producers can move opportunities faster. Service teams can handle more accounts without sacrificing quality. Agencies can grow without requiring administrative work to grow at the same rate.

That is where we believe AI becomes transformational for insurance.

The strongest signal comes from our users directly, such as when an agency shared with us that their employees said “If you take Outmarket away, we will quit.”

The question isn’t whether insurance is ready for AI - it is. We’ve seen firsthand how quickly people embrace AI when it solves a real problem, fits naturally into their work, and gives them time back.

The pace at which the industry has adopted these tools has blown our minds, and we want to build even faster because of it. Our customers are moving faster than ever, and we want to move faster with them.

The next workflow: Certificate Hub

Alongside this funding, we are introducing another capability that almost everyone inside an agency will recognize: Certificate Hub.

Certificates of Insurance are one of the highest volume workflows inside many agencies. They can also create significant E&O exposure when requirements, holders, endorsements, or policy details are missed.

We can read a contract or lease, identify the insurance requirements, compare them against the policies associated with the account, flag gaps, and help generate the completed ACORD certificate with the appropriate holders, additional insureds, and endorsements.

Work that once required someone to move manually between contracts, policies, systems, and forms can increasingly happen through a single workflow.

Onward!

Raising more capital does not change the way we think about the company - we still have to earn our customers’ trust every week, and we still have to listen closely enough to understand what the industry actually needs rather than what a technology company thinks it should need. Many of the workflows in Outmarket today began with a customer showing us a problem, opening up their processes, and challenging us to build a solution.

Three years in, we are certain that the insurance industry is at the start of one of the biggest technology shifts in its history. We are grateful to be building it alongside our customers, our team, and our investors.

To the customers who took a chance on us, and to the account managers, producers, and service teams who became our champions internally, thank you. You helped build Outmarket with us, and we do not take your trust lightly. 

To our Outliers, thank you for the intensity, customer obsession, and craftsmanship that got us here.

And to SignalFire, Fika Ventures, Permanent Capital Ventures, TTV Capital, Dash Fund, and all of our investors, thank you for believing in what we are building and backing us again so quickly.

We have a lot more to build. The next chapter starts now.

Vishal Sankhla and Anshu Jain
Co-Founders, Outmarket