Billy Raises $3.5 mln in Seed Funding Round To Revolutionize The Construction Insurance Industry

By Juan Fajardo Juan Fajardo has been verified by Muck Rack's editorial team
Published on October 28, 2021

Billy, an insurance and risk management startup, has raised $3.5 million in seed funding to improve how 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 at MetaProp, said about the firm’s participation in the round:

“At MetaProp, we have always endeavored to support talented and experienced immigrant founders tackling really challenging problems in antiquated industries. Billy sits firmly at the intersection of insurance and construction technology, two sectors where we have invested extensively over the past several years. The team is well-positioned to bring increased efficiency to the construction sector.”

Founded in 2020, Billy has been working on bringing the construction insurance industry to the modern world by removing the need for relying on paper documentation and manual systems. By digitalizing the entirety of the insurance process for construction firms to facilitate the data exchange process, the startup is reducing the financial and logistical costs of insurance management. Grant Robbins, Billy Co-founder, said about this mission:

“On a construction project, there might be as many as 20 different insurance companies underwriting risk for many different contractors involved. Managing this process in email, Excel, and project management systems is inefficient and extremely risky. We are incredibly excited to offer something that is not only faster and cheaper, but also improves the overall customer experience of managing insurance.”

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. With higher-cost projects becoming more common, insurers have become increasingly wearier when it comes to keeping their previous rates. By reducing the resources required during the entirety of the insurance coverage, Billy could allow construction companies and insurers to adapt to the changing trends.

By Juan Fajardo Juan Fajardo has been verified by Muck Rack's editorial team

Juan Fajardo is a News Desk Editor at Grit Daily. He is a software developer, tech and blockchain enthusiast, and writer, areas in which he has contributed to several projects. A jack of all trades, he was born in Bogota, Colombia but currently lives in Argentina after having traveled extensively. Always with a new interest in mind and a passion for entrepreneurship, Juan is a news desk editor at Grit Daily where it covers everything related to the startup world.

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