An Insurance Tech Startup Skipped Series A, Tripled Revenue And Landed Workday As An Investor

Insurance firms generate billions of dollars in revenue each year, but much of their back-office infrastructure is supported by obsolete systems, spreadsheets, and manual operations. Billing and revenue management—critical activities for brokerages and carriers—are frequently left to obsolete corporate software that was never designed for the industry's specific difficulties.

Comulate is a startup that identified an underappreciated but critical problem and went all in. Bond and Workday Ventures recently led a $20 million Series B fundraising round for the startup, which develops technologies to streamline revenue operations for insurers. This recent rise follows an incredible year of growth—Comulate believes it will triple its revenue in 2024, skipping a Series A totally due to strong demand from huge insurance companies. While the company isn’t disclosing exact figures, it says its revenue is already in the tens of millions.

A SaaS Startup That Almost Didn’t Touch Insurance

Comulate’s story isn’t the typical Silicon Valley playbook. CEO Jordan Katz and CTO Michael Mattheakis didn’t set out to transform the insurance back office. In fact, their original idea was to build software for other SaaS businesses, what Katz describes as “SaaS for SaaS.”

The problem? That market was already saturated. “There’s a lot of software out there that does very similar things, built by other software professionals who know how to build good software for problems they’ve experienced,” Katz said. The realization hit: Silicon Valley didn’t need more software for itself.