CARY — Cofounders Capital, founded and led by veteran investor David Gardner, has led a $1 million seed round in insurtech startup Slope Software.
The startup, which launched early last year and is aiming to modernize actuarial software, plans to use the funding to scale the growth of its software platform that streamlines operations for insurance companies and consultants working in the actuarial space.
“This is the first VC money we’ve taken on as a company which represents a significant turning point for us as we start to grow this company,” Slope Software’s CEO and founder Andy Smith told WRAL TechWire on Wednesday.
The startup is headquartered in Atlanta, Georgia with an office in Charlotte, North Carolina.
“We don’t have any plans to expand into the Triangle at this point. We will likely just stay in those two cities,” Smith added. “We are currently trying to hire another actuary in one of those two locations and will likely be hiring more later this year as we continue to scale our operations.”
Smith started the company after spending 12 years in the industry and growing tired with the inefficiencies of the available software in the marketplace. Together with Taylor Perkins, CTO and enterprise software engineer, they have built a new platform intended to work for actuaries rather than forcing cumbersome workarounds and manual intervention.
By implementing automated data management, an intuitive interface, and integrated reporting, Slope aims to allow actuaries to perform their critically important analysis in a fraction of the time by reducing time-consuming tasks that are prone to human error.
Tim McLoughlin, partner at Cofounders Capital, will join the board of directors. “At Cofounders Capital, we look to invest in great management teams with deep industry experience and software solutions that provide demonstrable ROI to customers,” McLoughlin said in a statement. “Slope is the perfect example of our investment thesis. Andy has felt the pain of using legacy software as an actuary himself, and along with Taylor created a solution that is better, faster, and cheaper for other actuaries. As part of our diligence, we spoke with dozens of current and potential customers that have been anxiously waiting for this modern solution in their industry.”
Cofounders Capital is investing out of its second $31M early-stage seed fund focused on B2B software ventures in North Carolina. Cofounders Capital is managed by serially successful entrepreneur, David Gardner, and his partner, Tim McLoughlin. Cofounders has a local team of over one hundred advisers and volunteer mentors who are investors in the fund, eager to support entrepreneurship in the state and to help their portfolio companies and entrepreneurs succeed.