Outmarket raises $34.5M Series B led by SignalFire to automate commercial insurance brokerage

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. The round comes four months after a $17 million Series A.

Founder Vishal Sankhla previously led product at Ethos, the digital life insurance distributor, after roles at Facebook and Uber. He launched Outmarket in late 2023. Its AI handles the paperwork of commercial insurance for agencies and brokers: application forms, document review and policy comparison across more than 250 coverage types, from general liability to D&O.

More than 300 insurance agencies use the product, including a quarter of the top 100, 14 months after it launched. Sankhla puts the share of insurance still sold through human agents at 95%.