Chicago based online small business insurance provider has raised $31m of private equity financing, led by Ok HC/FT. The company is the leader in the P&C insurance discovery space with about 400,000 unique visitors per month and 175,000 current clients. The company is looking to expand its reach to capture more of the potential 20 to 40m small business owners nationwide and has hired a new chief marketing officer to fuel growth.
Insureon, a Chicago-based online small business insurance provider, announced $31 million in new funding Wednesday. The funding will help the company build out its agency-management platform, invest in marketing and grow its base of client specialties. The company says it now has more than 140 “specialty desks” focusing on providing insurance for businesses from pet groomer to balloon artist. “While we have 175,000 clients, that’s a small fraction of the 20 to 40 million" small business owners nationwide, CEO Ted Devine said. “Even though we’re growing at 40 percent, we think that if we double down right now, hopefully we can build that out to have 500,000 clients in three to four years.” Insureon employs 227, including 125 in Chicago. The company recently hired a new chief marketing officer, Andrei Utkin, to fuel customer growth.