Insurtech Kalepa raises $75 million Series B at a $470 million valuation
Updata Partners led the round, and two Series A backers invested again. Kalepa says it tripled revenue and customers over the past year.
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Kalepa, a New York-based insurance technology company, has raised $75 million in Series B funding at a $470 million valuation, FinTech Futures reported on November 9.
The round
Updata Partners led the round. Two backers of Kalepa's $14 million Series A in 2021 invested again, including Inspired Capital, which led that earlier round. According to FinTech Futures, the new money brings Kalepa's total funding to date to $91 million.
What Kalepa does
Kalepa was founded in 2018. It sells an AI-driven platform meant to unify and coordinate work across insurance operations, underwriting, pricing and portfolio monitoring.
Kalepa says it tripled both its revenue and its number of customers over the past year under co-founder and CEO Paul Monasterio. The company did not publish revenue or customer figures to back the claim.
Plans for the money
In a company statement quoted by FinTech Futures, Kalepa said it will use the Series B to "expand its AI product suite, move into new markets, and double the team's headcount in 2027."
Recent hires
Kalepa has added several senior hires over the past year:
- Garrett Schlesinger, formerly a vice president of software engineering at Affirm, joined as chief technology officer last month.
- Audrey Howell, from Palantir, joined as head of product.
- David Meister, from Addepar, joined as chief revenue officer.
This article is for information only and is not investment advice.
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