Insurtech Joyn Insurance Announces $17.7M in Financing Series Led by OMERS Ventures

Insurance technology company Joyn Insurance announced today that it has exceeded its fundraising goal with a $17.7 million Series A funding round led by OMERS Ventures, with participation from Avanta Ventures, ManchesterStory, Cohen Circle, SiriusPoint and several private investors.

Joyn Insurance, launched in July 2021, brings together the expertise of insurance, data, and technology to deliver a faster, more accurate, and transparent experience that saves time, cost, and frustration. This integration makes Joyn unique in the E&S space as it offers an industry-leading underwriting and workflow platform for the fastest and easiest insurance coverage on the market.

Since entering the market, Joyn has entered into over 500 policies with approximately 80 trading partners, covering over 300 insurance companies. Today, Joyn offers E&S property, general liability, and franchise coverage for companies across more than 700 NAICS codes in 36 states and Washington, DC.

“We created this company to address pain points and operational inefficiencies that have frustrated brokers and underwriters for as long as we can remember, and we are proud to be on this bold mission.” said Joyn CEO Seraina Masia.

“This funding will allow us to keep building and expanding so we can continue to provide best-in-class insurance experiences in the market,” Macia continued. “Many brokers are already seeing that we can do what we were built to do, and with E&S’s broad appetite for small and medium assets and general liability risks, we look forward to expanding relationships with trading partners in the near future. ”

Representatives from OMERS Ventures, ManchesterStory and Avanta Ventures will also join the Board of Directors of Joyn Insurance.

“We are thrilled to have such world-class partners as we continue to show our growing number of brokers and clients what technological, joyful insurance can look like in the E&S market,” Macia said.

“We invested in Joyn because we saw the results they are already delivering and the huge potential for their future growth in the super hot E&S space.” said David Wexler of OMERS Ventures. “Because we were diligently evaluating this opportunity, I was particularly struck by the broker feedback I received from those who worked with Joyne.”

“Despite the high bar for permitted products, E&S quotes and binding at many companies are still largely done by pen and paper, and the brokers we spoke to were stunned by how Joyn is addressing this longstanding inefficiency,” Wexler continued. “We are very proud to support this world class team as they disrupt the fastest growing commercial insurance sector.”

The new funding, which brings the company’s total fundraising to over $30 million, will be used to further enhance its technology platform and data capabilities, and to demonstrate the value of its innovative technology-driven insurance offerings. By the end of this year, this will lead to a significant expansion of the Joyne team.

TigerRisk Capital Markets & Advisory acted as financial advisor to SiriusPoint on this transaction.

Post Insurtech Joyn Insurance announces $17.7 million in Series A funding led by OMERS Ventures, first appearing on Fintech Finance.

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