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'We have reached an important crossroads. While our revenue continues to grow, Automattic operates in a highly competitive market, and technology is evolving at unprecedented levels. To support our customers and products, we must improve our productivity, profitability, and capacity to invest."
– WordPress maker Automattic lays off 16% of staff.
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M&A 💰 |
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Equal Parts, a new insurance agency backed by $10 million from Equal Ventures and Max Ventures, has launched with plans to acquire small independent agencies and modernize them with AI tools. The company has closed its first deal and expects several more in the next 90 days.
Bottom Line: Acrisure, an insurance agency founded to acquire other agencies, is led by Greg Williams. When asked about the origin story, he said he didn't think the world needed another insurance agency — but the industry did. What he meant was that the traditional M&A model was chaotic and disruptive for acquired companies. Acrisure aimed to introduce a better way to do M&A — one that minimized displacement and offered a different acquisition and operating model.
Back in 2005, Williams conducted a deep analysis of 20 transactions where top brokers were the acquirers; a year later, 12 of them experienced financial regression. Today, with players like Acrisure in the mix, the odds have likely improved. But Equal Parts is dealing with what's left of the leftovers—and in this case, AI isn't, equally, relevant.
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🤝 |
Root Insurance and Hyundai Capital America announced a strategic partnership to deliver insurance solutions that offer data-driven and competitive rates to HCA customers.
In 2021, Hyundai Motor America partnered with Verisk to allow drivers to share their driving behavior with insurers for potential insurance discounts. According to Hyundai's site, the program has been discontinued.
Bottom Line: Root's faster to partner with an automaker than to launch in NY.
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💳 |
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Pet insurance startup Nibbles is formally introducing the Nibbles Rewards Credit Card. The card, which has an annual fee of $249, gives cardholders up to $10,000 annually in accident and illness pet coverage underwritten by Trisura, among other perks.
Bottom Line: "With this pivot, Nibbles is less of an insurtech company and more of a competitor to Synchrony Financial, which offers the CareCredit credit card. CareCredit provides flexible financing for veterinary services, treatments, and diagnostics."
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California coverage |
Home insurance MGA Bamboo Insurance announced a partnership with insurance program carrier Incline P&C Group to bring additional capacity to the California market.
The MGA has a partnership with Sutton National Insurance Company and last year it generated $441.4 million in written premiums.
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Less than 5 minutes |
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LogRock, a North Carolina-based trucking-focused digital insurance platform, raised nearly $8 million through an equity offering, according to a recent SEC filing.
The company, founded in 2021, previously raised $12.53 million and currently has a team of 38. Six investors participated in the latest round.
LogRock operates a group of trucking insurance agencies—including Charles String, RedOx, and Nexton—and offers coverage such as commercial auto liability, cargo, and non-trucking liability insurance.
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AI |
FurtherAI, a San Francisco-based startup building AI assistants for commercial insurance, has raised $5 million in a funding round led by Nexus Venture Partners, with participation from Pioneer AI Fund, South Park Commons, Y Combinator, ConvergeVC, and Xceedence.
Founded in 2023, FurtherAI automates complex document processing and integrates disjointed systems to advance underwriting, compliance, and claims processing at scale.
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Batteries |
Westford, MA-based EVident Battery raised $3.2 million in seed funding led by Ibex Investors, with participation from Nationwide Ventures, and others. Founded in 2023, the company develops rapid, non-destructive EV battery pack inspection technology.
Bottom Line: It used to be simpler to check batteries.
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WC |
Lucid Insurance, a Nebraska-based MGA and specialty wholesale broker, raised $295,000 in equity as part of a $500,000 offering, per a recent SEC filing.
Founded in 2023, the company has a team of 9 and focuses on middle-market commercial insurance. It recently partnered with Stonetrust to provide workers' compensation coverage for small and mid-market businesses.
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