Insurer Nationwide has invested in a first round of financing for Certificial, an insurtech with a platform that issues insurance certificates in real time and simplifies compliance management.
Certificial’s $ 5.8 million Series A funding round also included lead investor IA Capital, a New York-based private investment firm specializing in insurtech and fintech. Co-founders Capital, Fin VC and Cameron Ventures also participated. The round has been oversubscribed.
Peter Teresi, former CTO of ACORD, is the co-founder and CEO of Certificial.
Certificial uses real-time data to streamline supplier management and certificate issuance processes by providing businesses with dynamic ACORD insurance certificates. It promises an improvement in the process in this area for agents and brokers, policyholders and applicants.
Certificial said it added more than 6,000 new agencies and brokers to its platform during the first quarter of 2021. It said the platform supports “tens of thousands of corporate users,” including included a number of anonymous US companies in various industries.
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