Insuretech Startup Outmarket Raises $34.5M Series B at $355M Valuation
Outmarket, an insurtech startup founded by Vishal Sankhala in late 2023, has raised a $34.5 million Series B round led by SignalFire and other investors such as Fika Ventures and TTV Capital. The funding brings the company’s valuation to $355 million just four months after its $17 million Series A raise. Outmarket uses AI to automate administrative tasks for insurance brokers, particularly in commercial insurance where policies are highly customized. The startup targets a market dominated by manual processes, helping agencies like Marsh and Aon streamline policy evaluations so they can focus on customer-facing work. With over 300 customers including top-tier agencies, Outmarket is gaining traction quickly despite the traditionally slow-moving nature of the insurance industry. The U.S. property and casualty insurance sector alone generates more than $1 trillion in annual premiums, offering significant growth potential for AI-driven solutions like those provided by Outmarket. The insurtech space is competitive with other startups such as Fulcrum AI and Further AI also targeting brokers. However, Sankhala believes the complexity of commercial coverage options—over 250 types across various industries—creates a unique opportunity to scale rapidly.
