ClaimKit snags $1.8M from local VC Flyover Capital
January 27, 2016 | Bobby Burch
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.
2016 Startups to Watch
stats here
Related Posts on Startland News
FCC head: Repealing net neutrality will boost innovation, investment; startups disagree
The Federal Communications Commission is preparing to eliminate regulatory rules that prohibit internet service providers from interfering with consumers’ access to web content. FCC chairman Ajit Pai announced in a Wall Street Journal op-ed that the regulatory body will vote Dec. 14 to repeal 2015 Obama-era regulations. That regulatory model, referred to as Title II,…
Bitten by Disney sharks, Roy Scott beats the odds with Healthy Hip Hop
When a potentially life-altering business deal suddenly vanished, Roy Scott didn’t get mad — he got funded. “Disney thought they were going to snuff us out, but all they did was put gasoline on this fire,” said Scott, founder of Kansas City-based H3 Enterprises (Healthy Hip Hop). Rewind. Starting his company with a live performance-based…
Governor-in-waiting talks startup funding, Amazon and why entrepreneurism is bigger than KC
The strongest person in the room isn’t necessarily the loudest, Jeff Colyer said. “Kansans are used to being overlooked,” he said. “My role as lieutenant governor was to be a little quieter. You give your best advice. And when decisions are made, you’re going to work to support them.” Soon, however, he’ll be the state’s…
Bus tech startup Transportant announces $11M in pre-sales at Lean Lab pitch night
School districts across North America are on board with Transportant — to the tune of $11 million in pre-sale agreements, co-founder John Styers said. The startup, which uses video-based technology to allow students, parents and school administrators to better monitor school buses, announced the milestone — $10 million over its goal of $1 million in…