Threeflow Raises $45 Million To Scale Its Employee Benefits Placement Software
11/30/21, 1:00 PM
Location
chicagoMoney raised
$45 million
ThreeFlow, which provides software for insurance brokers selling employee benefits, announced today that it raised $45 million in Series B funding. New investor Accel led the round alongside existing investors Emergence Capital, Equal Ventures, and First Trust Capital Partners.
Company Info
Location
chicago, illinois, united states
Additional Info
The Chicago-based company, formerly known as WatchTower, raised $8 million for its Series A round in January 2021. Since the Series A, the company has grown from roughly 20 to 84 employees and hired four new executives to oversee engineering, sales, marketing, and product, CEO Ryan Sachtjen told TechCrunch in an interview. Sachtjen said the company will use the proceeds from its latest round to double its employee base in 2022 across these functions. The company will also announce a broader API strategy to strengthen connectivity with insurance carriers next year, which Sachtjen expects to be a major growth driver. The brokers using ThreeFlow represent 7,600 employers and 40 insurance carriers across 34 US states today, and the company plans to continue its geographic expansion. The company now has over 100 enterprise contracts, up from 28 in January.