Converge Insurance coverage has secured $15m in its Sequence A funding spherical to speed up its enterprise growth.
The spherical was led by Forgepoint Capital.
As a part of the funding, Forgepoint managing administrators Don Dixon and Andrew McClure will grow to be a part of Converge’s board of administrators.
Converge stated it intends to make use of the cash to expedite the growth of platform performance and bolster its go-to-market and insurance coverage capabilities.
The corporate additionally named Tom Kang as its CEO as a part of the financing.
Kang stated: “Our mission is to empower policyholders with radically clear cyber insurance coverage to allow them to handle expertise dangers extra intelligently.
“We’re thrilled to accomplice with the crew at Forgepoint Capital, who uniquely perceive the wants and alternatives of this burgeoning market.
“This funding will allow us to increase our outreach and develop our bench of in-house consultants whereas accelerating the supply of the Converge platform worldwide.”
As an MGA, Converge merges cyber insurance coverage, safety, and expertise to supply cyber insurance coverage and efficient cyber safety.
Converge makes use of a knowledge ecosystem supported by skilled underwriting to supply correct cyber danger options that enhance outcomes for its purchasers together with small to medium-sized companies (SMBs).
In July 2023, insurer QBE North America solid a partnership with Converge to introduce a cyber insurance coverage programme underneath which the latter will function a programme administrator.
Converge is the third agency specializing in the cyber insurance coverage market to be incubated by Forgepoint.
