Editor’s note: Founder and CEO Joseph D’Souza of insurance tech startup ProNavigator says in a blog post that the company not only has secured $10 million in new capital but also will open a second headquarters – in the Triangle.
“It is a strategic location,” said D’Souza in describing the reasoning for the expansion into the US and the hiring of another 20 employees, boosting employment to 60. He talked about the expansion in an interview with the Waterloo-based The Record.
[W]e’re excited to share how we’re accelerating that vision with a $10 million investment co-led by Graphite Ventures and previous investor Luge Capital and participation from EDC, Tactico, and CIBC Innovation Banking. These partners, like us, believe in a future where technology improves insurance organizations’ back office, making it easier for everyone.
When ProNavigator raised funding just over two years ago, I shared how much I valued the opportunity to continue bringing our product to the insurance industry. The pandemic and work-from-anywhere environment forced us all to change our thoughts about how information is accessed. The importance of information anytime and anywhere is needed more than ever.
This continued focus on supporting insurance organizations has led to significant revenue growth and customer satisfaction. Growth is never easy, and ours has only been possible thanks to our amazing team and the strong response from our customers.
We’re Doubling Down
The insurance industry is at a critical point, especially regarding technology. For over a decade, much of the investment in technology has focused on the consumer side and not the insurance organization or its people.
ProNavigator exists to support the insurance professional. Our software is purpose-built for underwriters, claims and operations teams, brokers, and agents. We believe that as the insurance industry begins to attract a new generation of workers, speed and simplicity of accessing information will be table stakes in attracting and keeping top talent.
We plan to use this investment to accelerate the expansion of our platform and further grow our team for three key reasons:
- We believe there is an enormous opportunity to grow within the insurance industry, which is growing every year and still lags behind many other industries in technology adoption.
- We know our customers value and benefit from our focus. We can create more value faster by staying laser-focused on the needs of a specific industry.
- Frankly, we love insurance too much. As the often-repeated mantra goes, “Once you are in insurance, you’ll never leave.” I’ll speak for our team when I say this is because of the people in the space. It’s collaborative, driven, and ever-evolving in the right direction. Nothing brings us more satisfaction than truly impacting their businesses and lives.
Thank You, Thank You, Thank You.
Our journey together is just beginning. I see this investment in our growth as a validation of our vision where knowledge is instant and effortless.
I want to thank the entire ProNavigator team for the effort to get us to this milestone.
And, on behalf of everyone at ProNavigator, I want to express our deepest appreciation to our clients, who have entrusted us to help them and partnered with us to grow their businesses.
Here’s to what’s next. We’re just getting started.