Cincinnati InsurTech Coterie raises $27 million in oversubscribed round

Cincinnati InsurTech Coterie has raised $27 million in an oversubscribed round, bringing its total funding to more than $102 million.

Coterie’s latest round includes new investment from Hiscox as well as existing investors Intact Ventures, Weatherford Capital, and RPM Ventures among others. 

Powered by data-backed underwriting, Coterie enables independent agents and brokers to write small business insurance in less than one minute. The company saw revenue growth of over 200% in 2023. 

Coterie says the funding will enable it to deliver increased value to agents and brokers through new insurance products, more sophisticated underwriting, and further automation of policyholder servicing. 

What it Means to Ohio

Coterie builds on Ohio's growing reputation for InsurTech and FinTech companies, established in part due to the deep talent pool developed by the likes of Cincinnati-based Great American, Columbus-based Nationwide, and Cleveland-based Progressive.

Ohio has the #4 largest financial services sector in the U.S. and is tied for #2 in Top 50 insurance headquarters according to JobsOhio.

Recently named Best Insurtech by the Fintech Breakthrough Awards, Coterie operates in all 50 states and Washington, D.C.  

What they’re saying

"We're incredibly grateful for the recognition and belief in how we're reimagining the small commercial insurance space through continued innovation and dedication to independent agents and brokers. This is an incredibly exciting time in Coterie's growth as we focus on bringing enhanced value for our partners by pushing boundaries to shape the future of insurance."

- David McFarland, CEO, Coterie

"Coterie continues to impress us with their innovative use of technology, data and automation to simplify the quoting and binding process. We're confident in this team's ability to truly transform small business insurance."

- Drew Weatherford, Founding Partner, Weatherford Capital