By Rajwa Quasim
Outmarket, an AI startup that automates paperwork for insurance agencies and brokers, has raised $34.5 million in Series B funding, just four months after closing a $17 million Series A round.
The latest funding round was led by SignalFire, with participation from Fika Ventures, Permanent Capital Ventures, TTV Capital and Dash Fund. The funding brings Outmarket’s total capital raised to $56.5 million and values the company at about $335 million.
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Outmarket was founded by Vishal Sankhla and Anshu Jain in 2023. The company builds AI tools that automate document-heavy work in insurance distribution, with a particular focus on commercial insurance. Commercial policies are often complex, and submissions can be lengthy, involving multiple types of coverage, including general liability, workers’ compensation and directors and officers (D&O) liability.
The company aims to reduce the time employees spend moving information between documents and software systems. This allows brokers to spend more time handling queries and tasks that require human judgment.
The company was launched just 14 months ago but has already attracted hundreds of customers and completed two funding rounds in quick succession. Outmarket says more than 300 agencies now use its service, while more than a quarter of the 100 largest U.S. insurance brokers use its platform.
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Sankhla said, “There are over 250 different types of coverages that are out there, depending on what business you are and what risk you have and what you want to cover. For each of those, the process is very different. The application forms you need to fill out, the documents you need to read.”
He added, “For insurance, which is typically not a fast-moving industry, it’s quite fast growth.”
The U.S. property and casualty insurance market alone generates more than $1 trillion in annual premiums, leaving significant room for AI startups to target administrative and operational work.
Sankhla previously worked at Facebook, Uber and Ethos before launching Outmarket.