The latest funding brings Federato’s total raised to $80 million since its founding in 2020.
Federato, known for its AI-driven underwriting platform, has already transformed operations for thousands of underwriters at global carriers, MGAs, and mutuals. Its innovative tools streamline the underwriting process by prioritizing submissions directly from inboxes based on appetite and business potential. The platform leverages AI to rate and sort accounts, identifying those that best align with underwriter preferences and offering the highest probability of success.
Will Ross, co-founder and CEO of Federato, said: “We couldn’t be more elated that our investors and customers feel the momentum of RiskOps in insurance the way we do. We see this financing as a milestone of continued progress and not an achievement in and of itself. That achievement lies in the value we are creating each and every day for our customers and the communities they serve. Onward!”
The newly secured funds will support Federato’s ongoing global expansion, with plans to bolster its presence in key markets across the UK, Europe, LATAM, and APAC.
Commenting on the raise, John Avirett, Partner at StepStone Group “We have been closely following Federato’s rapid growth over the past five years as an LP in several organisations who have been investors in the company since inception. Founders Will and William’s deep expertise in AI and their dedication to bringing a true vertical AI product to the insurance industry is impressive. Federato’s fast-growing customer base is a testament to the impact they’ve already delivered. We are excited to partner with Federato as they help insurers innovate on business models to better serve challenged markets.”
Mike Foley, Chief Underwriting Officer, QBE North America, said: “When we started with Federato nearly three years ago, we were impressed by the modern underwriting platform they had built. Since then, Federato has become the core engine that powers our growth businesses here in North America.”
He added: “Today, we are leveraging the RiskOps platform as a unified core system for the entire policy lifecycle, from submission to quote, bind, and issue.”
