Sola Closes $8M Series A to Build the First Vertically Integrated Insurance Company

Sola Secures $8M in Series A Funding

Sola, an insurtech company focused on transforming the property insurance landscape, has successfully raised $8 million in a Series A funding round. This boost brings their total funding to $11.7 million. The round was led by FINTOP Capital and JAM FINTOP, with additional participation from 10vc and Georgia Tech.

Company Growth and Achievements

Since securing its seed funding last year, Sola has experienced impressive growth, with revenue increasing by seven times. The company has also launched its flagship wind and hail insurance program and gained status as a coverholder for Lloyd’s of London.

Impact on the Insurance Industry

Sola aims to make property insurance more affordable and consistent, addressing a significant pain point in the market. By integrating technology into their offerings, they hope to create a smoother and more efficient insurance process for consumers and businesses alike.

Key Players Involved

The participation of notable investors like FINTOP Capital, JAM FINTOP, and 10vc highlights the confidence in Sola’s business model and growth potential. Additionally, their partnership with Georgia Tech could facilitate innovation and technological advancements in their services.

Overall, Sola's latest funding round and rapid growth signal a renewed focus on modernization within the property insurance sector. As they continue to develop their offerings, stakeholders in the industry will be watching closely.

Original Source: https://financialit.net/news/fundraising-news/sola-closes-8m-series-build-first-vertically-integrated-insurance-company