Harper, an AI-powered commercial insurance brokerage, has raised $47m in combined seed and Series A funding.
The round was led by Emergence Capital, with participation from Y Combinator, Peak XV, Antler, 10X Founders, Fellows Fund, and Outset Capital. The company also noted the Series A represents the largest publicly disclosed Series A raised by a Black founder.
Harper uses artificial intelligence to automate the traditionally labour-intensive process of commercial insurance broking, including reading applications, routing submissions, managing quotes and liaising with underwriters. The platform claims to deliver coverage to businesses within 24 to 48 hours.
The company currently works with more than 165 underwriters and serves clients in sectors including manufacturing, healthcare, hospitality, transportation and construction.
Since launching, Harper has served more than 5,000 businesses in 13 months. The company says it targets complex commercial risks where accurate coverage has significant operational consequences — citing examples such as daycares unable to open and logistics firms unable to onboard drivers without timely insurance.
The fresh capital will be used to grow Harper’s engineering, account management and operations teams, deepen carrier relationships through direct appointments and expanded programmes, and further develop its AI infrastructure.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.