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Paperwork Automation Platform Anvil Raises $5M from Gradient and Citi Ventures to Eliminate Paperwork

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Anvil, a paperwork automation platform, today announced it has raised $5 million in Series A investment. Gradient Ventures—Google’s AI-focused investment fund—led the round, with participation from Citi Ventures, Menlo Ventures, Financial Venture Studio and 122 West.

Anvil is a low-code paperwork automation platform that helps businesses quickly build simple online experiences for paperwork processes. Paperwork is at the core of office work in America; every day millions of forms are shared, filled out, signed, and then returned to the requester for processing. The process is insecure, error-prone, tedious and requires countless human hours to transcribe information from PDFs into various computer systems. Endless forms also waste valuable time and cause frustration for consumers who fill them out, often repeating the same information input over and over.

“The addressable market for Anvil’s solution is limitless,” said Darian Shirazi, general partner at Gradient Ventures. “America spends over $1 trillion each year completing, processing, and storing paperwork. Anvil’s platform has allowed existing paper and PDF forms to be automatically populated with a series of APIs and AI techniques. Processes that used to take weeks now take minutes and allow banks, insurance companies, and many other industries that rely on paperwork to automate and delight customers.”

The flexibility of Anvil’s platform allows its solution to be applied to literally any existing paperwork process. Anvil’s current customers span industries including financial services, human resources, technology and healthcare companies.

“I’m fascinated by technology that brings efficiency to businesses—from large enterprises all the way down to individuals who rely on software to accomplish their work,” said Naomi Ionita, Partner at Menlo Ventures and investor in early-stage SaaS businesses. “Anvil’s broad set of tools, from developer-first APIs to their no-code workflow builder, helps automate away the mundane and painful parts of peoples’ jobs so they can focus on higher-order problems.”

Most recently, Anvil’s platform was used by Minneapolis-based Sunrise Banks to deploy its digital application process for the Paycheck Protection Program (PPP). “With Anvil, we were able to help more than 1,600 small businesses apply for $127M in Paycheck Protection Program loans in just five days,” said Brett Cooksey, Sunrise Banks’ Chief Information Officer. “The Anvil platform made it possible for us to provide a customer experience that was a dramatic improvement over our previous application process, eliminating some stress for the small business community.”

“We’re really proud of the way that Anvil’s platform bridges the gap from offline to online,” said Mang-Git Ng, CEO and co-founder of Anvil. “As virtually all businesses struggle to deliver services remotely in this COVID-19 era, Anvil’s solution brings pen and paper processes online, enabling access to services whenever and wherever the customer is.”

“We see incredible possibilities in financial services for Anvil’s solution,” said Ryan Falvey, Managing Partner at Financial Venture Studio. “Their ability to provide a working solution to Sunrise Banks in days, not months, shows us the promise of what tech can bring to modern financial services.”

This News has been Published in Partnership with PR Newswire

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Fintech

Singapore based Fintech Startup GoBear raises $17M in Funding

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  • The fresh injection of capital marks GoBear’s fifth fundraise to date.
  • The round came from GoBear’s long-term investors: Walvis Participaties, a Dutch venture capital firm and Aegon N.V., one of the world’s leading providers of life insurance, pensions and asset management.
  • This strategic fundraise will be used to accelerate GoBear’s transformation into a full-fledged financial services platform built on alternative data.

Asia’s leading financial services platform for insurance, banking and lending products – has raised US$17M from Walvis Participaties and Aegon N.V to accelerate its transformation into a full-fledged financial services platform.

“To truly improve financial health in Asia we must address the approximately 300 million people in our markets that remain underserved by existing banking and insurance services. GoBear’s transformation is a response to this by tackling important local barriers to financial literacy and inclusion,” said Adrian Chng, CEO of GoBear.

A significant portion of the business’ transformation was completed in 2019 and with this funding, GoBear will be well-positioned to continue its expansion of the financial services platform across three growth pillars: an online financial supermarket, digital insurance brokerage, and digital lending, all built on a strong foundation of alternative data.

“Our latest fundraise is validation that our investors continue to see our potential for growth and that we’re on track to build a robust financial services platform that Asia really needs. Built on our strong foundation of alternative data, we can better assess and price risk, co-create better products, and ultimately improve financial inclusion,” added Adrian. 

In the last three months, its digital insurance brokerage segment saw a 52% increase in average order value and launched GoBear exclusives to better meet consumer needs – “Go Travel”, a white-label travel insurance product with Chubb and “Travel Buddy” in partnership with Allianz. GoBear reinforced its digital lending business with the acquisition of AsiaKredit, a leading end-to-end digital consumer lender and has registered a 50% year-on-year revenue growth from loan products.

“It’s exciting to be part of a bold mission to improve the financial health of people in Asia. With our data and technology, GoBear is positioned to have a huge impact on the future of financial services in the region,” said Valeriy Gasratov, Chief Information Technology Officer of GoBear, who brings more than two decades of technical fintech and eCommerce expertise to the team.

GoBear first launched in 2015 as a metasearch engine. It has since grown to be a financial services platform that offers consumers a one-stop platform to search and buy the product they need. To date, GoBear has served over 55 million users searching for more than 2,000 personal finance products.

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Funding

Insurance Tech Startup Pie Insurance Raises $127 Million in Latest Funding

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Pie Insurance, one of the fastest-growing insurtechs in the country, today announced the closing of $127 million in new financing and capital commitments. Gallatin Point Capital joined Pie’s current investors in the capital raise, including Greycroft, SVB Capital, Aspect Ventures, Elefund, and Sirius International Insurance Group, Ltd. The new financing includes $27 million to support the continued growth and expansion of Pie Insurance’s offering to small business owners. The additional $100 million equity capital commitment will support Pie’s strategic initiative to form and purchase licensed insurance companies.

Pie was founded in 2017 to provide workers’ compensation insurance to small businesses, both directly through its website and also through thousands of independent insurance agents. Over the past twelve months, Pie has grown its written premium 150% to nearly $19 million in Q1 of 2020. Tens of thousands of small businesses have received quotes using the company’s simple online experience, driven in part by Pie’s recent national television advertising campaign. Pie has also expanded its availability through independent insurance agents, adding hundreds of additional agencies this year. Pie offers workers’ comp coverage in 34 states and the District of Columbia and will continue to expand across the nation to serve more small businesses, either directly or through their agents.

“Pie continues to demonstrate significant momentum, even in the current economic climate,” said Ian Sigalow, Co-Founder and Partner at Greycroft. “We’re pleased to help fuel the company’s next stage of growth as they transform the market for small business insurance.”

This next stage of Pie’s growth includes the formation of a new affiliated company, Pie Carrier Holdings—in which Gallatin Point Capital is the lead investor—to create and purchase licensed insurance companies. Pie Carrier Holdings will own the licensed insurance companies that Pie will use to issue a portion of its insurance policies. Sirius Group is also investing directly in Pie Carrier Holdings and will continue to issue insurance policies offered by Pie.

“We’re impressed with the results Pie has achieved in such a short time period,” said Matt Botein, Co-Founder and Managing Partner at Gallatin Point Capital. “We welcomed the chance to contribute to their expansion strategy in a meaningful way.”

“We’re incredibly excited to partner with Matt and his team on this innovative approach toward solving one of the biggest challenges facing a growing insurtech company—building a capital structure that supports both our rapid growth and balance sheet needs,” said John Swigart, Pie’s Co-Founder and Chief Executive Officer. “This financing enables Pie to continue our expansion, even during these uncertain times, while also forming the foundation for our future.”

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Cleantech

Cleantech Startup Enertechnos Raises £5 Million in Funding to Boost Energy Industry and Net Zero Target

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UK clean energy technology innovator Enertechnos has raised £5 million in a Series A funding round.

Enertechnos is at the forefront of the UK’s drive towards net-zero. Their innovative cable technology reduces energy losses throughout the power network, slashing carbon emissions from wasted energy.

In a show of strength for the fast-growing company, 30% of the funds came from existing investors. The remainder were provided by a wide range of individual investors, including energy and engineering sector specialists alongside former cabinet and environment minister Virginia Bottomley.

The round was advised by Adelpha, a female-led corporate adviser private investment network which specialises in high growth, tech-enabled UK companies with a positive social and environmental impact.

Enertechnos will use funds raised for two waves of activity. They will expand their engineering team to drive the next stage of their ground-breaking R&D, and boost their commercial sales and marketing team to accelerate the global roll out of their technology.

The UK power grid loses around 8% of all electricity as it is transmitted throughout the network – accounting for 1.5% of UK carbon emissions and costing around £3.8 billion annually. This loss could power almost seven million homes each year.

Enertechnos’ cable technology – called Capacitive Transfer System (CTS) – reduces this waste by up to 47%, allowing generators and networks to deliver more power to consumers.

Enertechnos has received backing from several government programmes, and is currently working with the Department for Business, Energy and Industrial Strategy to revolutionize electric vehicle charge times. Enertechnos’ transformational CTS technology will soon be deployed by network operator Western Power Distribution (WPD) in a real-world trial.

Dominic Quennell, CEO of Enertechnos said, “The energy sector is facing a multitude of challenges at present responding to Covid-19, but we also have a commitment to reach net-zero by 2050. Minimizing waste in the energy system will be a key part in achieving this.

“The potential carbon emission savings that can be achieved by this technology is enormous and this funding round recognises the role our technology can contribute to net-zero targets. We are proud to be at the forefront of this effort, helping the UK energy sector rise to the challenge.”

Addie Pinkster, Founder and Chief Executive of Adelpha added, “We are delighted to have advised Dominic and the Enertechnos team on their recent Series A investment round, and work with their impressive existing and incoming investor base. Enertechnos is a great example of an innovative UK company that is providing best-in-class technology to reduce the global carbon footprint.

“The quality of investors in this round is testament to Enertechnos’ world-class engineering team and product, as well as their exceptional management team and highly experienced board. It’s also recognition of how pressing the climate change challenge is, and the regulatory and corporate demand for solutions that work at industrial scale.”

This News has been Published in Partnership with PR Newswire

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