ClaimKit snags $1.8M from local VC Flyover Capital

Insurance tech startup ClaimKit is tapping an area venture capital fund to help launch its second software offering that quickly analyzes policies.

The company raised $1.8 million to launch RiskGenius, which helps to identify and categorize insurance clauses in commercial policies. Leawood-based venture capital firm Flyover Capital led the round, which included participation from the Mid-America Angels and other angel investors. The company has raised about $2.74 million to date.

ClaimKit CEO Chris Cheatham said that Flyover will provide a number of strengths to the company as it moves forward.

“The Flyover team brings a wealth of knowledge to the table and the entrepreneurial mindset that fits well with our team,” Cheatham said in a release. “It is heartening to have an institutional investor based in our region with the operating backgrounds and experience of the Flyover partners.”

Founded in 2011, Claimkit also offers a contract management platform for insurance companies, law firms and consulting groups to help them more efficiently collect and analyze documents. Insurance professionals will use RiskGenius to collaborate with prospects and customers to identify coverage gaps in existing and proposed policies. Read more about the launch of RiskGenius here. 

ClaimKit has managed more than $2 billion in claims and litigations to date. The Overland Park-based company was also dubbed 2015’s most “aspirational entrepreneur” by the Greater Kansas City Chamber of Commerce.

Cheatham said that he’s excited to help ease the time-consuming task of policy analysis for insurance professionals.

“I have too many friends in the insurance industry who spend nights and weekends reviewing policies,” Cheatham said. “We’re delighted to provide nearly instant policy analysis for insurance professionals to give them that time back.”

Keith Molzer, general partner of Flyover Capital, said that the fund was attracted to the model for its ability to create efficiencies in the insurance industry.

“ClaimKit has developed impactful solutions that capitalize on a growing demand to streamline the insurance industry,” Molzer said in a release. “We look forward to helping the company accelerate their growth and position them to be one of the next technology success stories in the region.”

With the Claimkit deal, Flyover now has four companies in its portfolio, including Olathe-based Innara Health,Lincoln-based BuluBox and Lincoln-based Opendorse. The firm’s investments range from $500,000 to $3 million.