Insurtech Startup Counterpart Raises $30 Million to Help Small Businesses Manage Risk

Keerthi Vedantam

Keerthi Vedantam is a bioscience reporter at dot.LA. She cut her teeth covering everything from cloud computing to 5G in San Francisco and Seattle. Before she covered tech, Keerthi reported on tribal lands and congressional policy in Washington, D.C. Connect with her on Twitter, Clubhouse (@keerthivedantam) or Signal at 408-470-0776.

Insurtech Startup Counterpart Raises $30 Million to Help Small Businesses Manage Risk
Photo by Samson on Unsplash

Sign up for dot.LA's daily newsletterfor the latest news on Southern California's tech, startup and venture capital scene.

Los Angeles-based insurtech platform Counterpart has raised $30 million in new funding through a Series B round led by Dubai-based venture firm Vy Capital, Counterpart announced Tuesday.

Chicago-based Valor Equity Partners and Silicon Valley-based Felicis Ventures also invested in the round, which brings the L.A.-based startup’s total funding to $40 million.


Counterpart founder and CEO Tanner Hackett

Counterpart founder and CEO Tanner Hackett.

Founded in 2019, Counterpart’s platform provides small businesses with management liability insurance, which protects them from harassment or mismanagement claims by employees and board members. The startup’s proprietary software collects data about a company’s culture, regulatory compliance and financial data; it uses that information to determine a company’s risk and, via broker partnerships, works with them to find and mitigate potential liabilities.

“Companies don't realize that if they face a difficult harassment suit, it's game over,” Counterpart founder and CEO Tanner Hackett told dot.LA. “This is something that could [cost] hundreds of thousands of dollars, and not many businesses have that in their bank account these days.”

Counterpart’s services are particularly relevant after the COVID-19 pandemic upended the workforce, with many workers quitting or retired in droves, sometimes due in part to controversial workplace practices. Many insurance underwriters restricted coverage amid the pandemic, which hurt small businesses already facing supply chain and labor shortages.

Counterpart will use the funding to expand its broker partnerships, hire more people and grow its product line. It plans to expand its offerings this year to include crime and excess insurance.

“The long-term success in this company isn't just to build the next insurance business—it is to think about how we can fulfill the needs of small businesses,” Hackett said.

Subscribe to our newsletter to catch every headline.

Cadence

Regard Raises $15M for AI-Powered Software That Help Doctors Diagnose Patients

Decerry Donato

Decerry Donato is dot.LA's Editorial Fellow. Prior to that, she was an editorial intern at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

Regard Raises $15M for AI-Powered Software That Help Doctors Diagnose Patients
Courtesy of Regard

Culver City-based health care startup Regard, which uses AI-driven software to help physicians accurately diagnose patients, has raised $15.3 million in Series A funding.

Pasadena-based Calibrate Ventures and Colorado-based Foundry Group led the investment in Regard, formerly known as HealthTensor. Other investors that participated in the round include TenOneTen Ventures, Susa Ventures, Brook Byers of Byers Capital and Dropbox CEO Drew Houston. The new funding will be used to grow Regard’s team and customer base, the company said in a press release.

Read moreShow less

This Week in 'Raises': Regard Secures $15M, MaC Venture Capital Raises $203M for Second Fund

Decerry Donato

Decerry Donato is dot.LA's Editorial Fellow. Prior to that, she was an editorial intern at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

This Week in 'Raises': Regard Secures $15M, MaC Venture Capital Raises $203M for Second Fund
Image by Joshua Letona

This week in “Raises”: A local healthcare startup secured funding to help grow the team and deploy its software to more physicians and hospitals, while Black-led, seed-stage venture capital firm surpassed its goal for its second fund.

Read moreShow less

How Braid Theory Plans to Build the Blue Economy from the Port of LA

Keerthi Vedantam

Keerthi Vedantam is a bioscience reporter at dot.LA. She cut her teeth covering everything from cloud computing to 5G in San Francisco and Seattle. Before she covered tech, Keerthi reported on tribal lands and congressional policy in Washington, D.C. Connect with her on Twitter, Clubhouse (@keerthivedantam) or Signal at 408-470-0776.

How Braid Theory Plans to Build the Blue Economy from the Port of LA
Photo courtesy of the Port of Los Angeles.

San Pedro-based Braid Theory is one of the growing number of accelerators in the country looking to grow the so-called blue economy, which spans a range of ocean-related industries and is estimated at $2.5 trillion a year.

The accelerator is accepting online applications until July 18, with its second-ever program kicking off in August.

Read moreShow less
RELATEDEDITOR'S PICKS
LA TECH JOBS
interchangeLA
Trending