Veruna Closes Successful Equity Funding Round
Led primarily by existing investors, new round of funding will boost product R&D
BOSTON and AUSTIN, Texas, March 02, 2021 (GLOBE NEWSWIRE) — Veruna, developer of the insurance industry’s leading agency management system (AMS) built on the Salesforce platform, is pleased to announce that the company has raised $6 million in a new round of equity funding.
Led by Keystone Insurer’s Group (Keystone) and EMC Insurance (EMC), this new funding will support Veruna’s ongoing product improvement efforts which will focus on additional new business workflows and capabilities for agents and brokers looking to sell more. Improvements are also planned around quoting, binding, and submissions, with expanded accounting improvements as well.
“Since our first investment in 2016, Keystone has viewed Veruna as the ‘future of the agency management system,’” said David E. Boedker, president and CEO of Keystone. “Keystone is committed to financially back Veruna not only with this most recent round of capitalization, but into the future, ensuring Veruna’s business direction and velocity remain unaltered and that Veruna is never a victim of the ‘capture & kill’ philosophy that has taken so many competitors out of the AMS space over the years.”
Veruna’s innovative approach to agency management couples the exceptional customer relationship management (CRM) capabilities of Salesforce with specific insurance industry expertise to deliver higher levels of mobility, flexibility, customization, and integration. Veruna is the industry’s only AMS designed by independent agents on an open platform architecture for the superior flexibility agents and brokers need to sell more and relate with customers better.
“This additional investment by our long-time supporters is a tremendous vote of confidence in Veruna,” said Jennifer Carroll, CEO of Veruna. “The traction and customer success we have already gained in the marketplace, as well as the product milestones to date, differentiate Veruna from legacy competitors who are starting to feel the pressure our constant innovation creates. We are thankful to have so many dedicated champions throughout the industry.”
As part of the long-range planning behind the funding round, Phil Lucca, chief field officer of EMC, will be joining the Veruna board of directors.
About Veruna
Veruna, founded in 2015, enables insurance agencies and MGAs to sell more insurance and retain valued customers. By providing a state-of-the-art agency management system built on Force.com, Veruna empowers businesses to control their destiny. To serve your customers better, Veruna allows agencies and MGAs to build custom configurations to capture your unique value propositions and integrate with numerous solutions. Create automated tasks and reminders for managing customer relationships, remarkets, lost business, or expanding coverages to meet your insureds’ needs. Delivering highly innovative insurance technology, Veruna allows agents to focus on one thing – your customers. For more information, please visit www.veruna.com.
Media Contact:
Jennifer Overhulse
St. Nick Media Services
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