Billy, an insurance and risk management startup, raised $ 3.5 million in start-up funding to improve the way construction companies manage their insurance.
The funding round was co-led by MetaProp and Coelius Capital with participation from Global Village, Shadow Ventures, Hustle Fund and Laguna Canyon Group. Billy has now raised a total of $ 4.25 million as a result of the oversubscribed round. Zach Aarons, co-founder and general partner of MetaProp, said of the company’s participation in the tour:
âAt MetaProp, we’ve always strived to support talented and experienced immigrant founders who tackle really tough issues in archaic industries. Billy sits firmly at the intersection of insurance and construction technology, two areas in which we have invested heavily in recent years. The team is well positioned to bring increased efficiency to the construction industry.
Founded in 2020, Billy has strived to bring the construction insurance industry into the modern world by removing the need to rely on paper documents and manual systems. By digitizing the entire insurance process for construction companies to facilitate the data exchange process, the startup reduces the financial and logistical costs of insurance management. Grant Robbins, co-founder of Billy, said of this assignment:
âOn a construction project, there can be up to 20 different insurance companies underwriting risks for many different contractors involved. Managing this process in email, Excel, and project management systems is inefficient and extremely risky. We are extremely excited to offer something that is not only faster and cheaper, but also improves the overall customer experience of insurance management.
According to IBISWorld, the commercial construction insurance industry in the United States represents a $ 1 billion market that employs more than 7.8 thousand people. As more costly projects multiply, insurers are increasingly tired of keeping their old rates. By reducing the resources needed throughout insurance coverage, Billy could allow construction companies and insurers to adapt to changing trends.