Limit, the first digital wholesale broker for the cyber market, has raised $14.1 million in Series A Funding.
The funding was led by IA Capital Group, with additional investments over the Seed and Series A from American Family Ventures, Indicator Fund, Material V, Jovono, and others.
The funding accelerates Limit's mission of empowering insurance brokers everywhere to find better coverage in less time. Limit was founded as a digital wholesale broker on the observation that insurance transactions were too laborious: with multiple application forms, emails going back and forth, and ink-signed documents, a single policy could take many hours for the broker, the insured, and even the underwriter. Since launching in early 2021, Limit has been solving those problems. Its digital brokerage platform has provided tens of thousands of quotes to retail brokers across the country. Its expert brokerage team has found homes for many tough E&S deals among 45+ carrier partners. They've built a true one-stop shop that handles everything from figuring out the right markets to filing surplus lines forms while empowering retail brokers with quote comparisons, price benchmarking, and gold-standard cybersecurity partners. Following their success in the insurance markets, Limit raised $14.5M between Seed and Series A financing earlier this summer. IA's managing partner, Andy Lerner, is joining the board and will work with them for years to come. "There's a clear need in the growing cyber market for a tech-enabled intermediary to help retail agents and their clients grapple with the ever-increasing complexity of submissions and coverage requirements. We have great conviction in the Limit team and their capabilities to fulfill this role in the marketplace.”
- Andy Lerner, IA Capital "Wholesale brokers are an invaluable part of the commercial insurance value chain, but in many instances, innovation lags compared to other segments. Limit has built a new type of wholesaler, one that uses technology to enable a better, faster, and cheaper insurance experience for all stakeholders. We're excited to work with the team at Limit.”
- Mike Mansell, American Family Ventures
"This is the strongest team I've ever seen working on a company that will be a big, publicly-traded company. Congratulations to John and Limit on the funding.”
-Evan. J. Zimmerman, Jovono
Especially given the challenging macroeconomic environment, Partnering with industry specialist investors, capitalized with many years of runway and independent of any carriers, Limit is well-positioned to be a neutral transactional partner to brokers all over the country.
To date, Limit has been primarily operating in Cyber and Tech E&O. It is now actively expanding into other lines of insurance, chiefly in professional and management liability. They're looking forward to offering more instantly-quoted insurance products to partners soon. Additionally, new insurance products will be complemented as they roll out groundbreaking new features to help brokers find and bind the best policies more efficiently. As Limit continues to take on new retail broker partners, the company is growing its team to match: 40 people strong and continuing to expand.
The insurance industry is shifting from analog to digital, and Limit is playing its part in this transition, making it easier than ever before for brokers to grow their businesses and compete in the marketplace. The country's fastest-growing agencies are turning to Limit to boost revenue and navigate deals more efficiently. This latest round of financing is a vote of confidence and an accelerant that paves the way for the future of digital insurance distribution.