MGT raises $21.6 million
Small business insurance carrier MGT Insurance <i class="fa fa-info-circle company-popover" data-content=" MGT Insurance Founded: 2020 Headquarters: Greenwood Village, Colorado, United States Total Funding: $20M See full company profile “> has closed a $21.6 million Series B round led by Mubadala Capital, with participation from Clocktower Ventures, Tacora Capital and existing investors. The funding will support…
Small business insurance carrier
MGT Insurance <i class="fa fa-info-circle company-popover" data-content="
MGT Insurance
| Founded: | 2020 |
|---|---|
| Headquarters: | Greenwood Village, Colorado, United States |
| Total Funding: | $20M |
| See full company profile |
“>
has closed a $21.6 million Series B round led by Mubadala Capital, with participation from Clocktower Ventures, Tacora Capital and existing investors.
The funding will support research and development, deepen vertical AI capabilities, and expand the company’s Excess & Surplus growth initiatives nationwide. MGT writes BOP in 43 states and D.C.
The company serves nearly 30,000 customers, claiming to achieve profitability before its second anniversary while delivering $3 million in annual recurring revenue per employee.
“This raise marks a pivotal moment for MGT as we scale to meet the growing needs of agents and small businesses nationwide with the support of investors aligned with our mission. By building MGT as a vertically AI-native company from the ground up, we’ve proven that automation and AI can drive meaningful efficiency, scaling quickly with limited headcount and focusing on strategic impact and innovation.” – Michael Topol, Co-Founder and Co-CEO of MGT.
“MGT’s approach introduces a new model for small business insurance with technology that truly matters. We believe MGT’s AI-native platform will redefine commercial insurance and create a significant impact for brokers and businesses alike.” – Ben Savage, partner at Clocktower Ventures.
“At MGT, we see insurance as the unsung hero of the American economy, enabling entrepreneurs to take risks and pursue new opportunities. We provide the financial protection that empowers small businesses to grow and innovate. I couldn’t be prouder of the team and what we’re building together. Our growth over the last two years is a testament to what can be accomplished when you combine exceptional people with modern technology. Overall, we are proving you can change an industry faster than anyone thought possible.” – Graham Topol, Co-Founder and Co-CEO of MGT.
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