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(Image source: MGT homepage.)
MGT (San Francisco), a vertically AI-native neo-insurer focused on small commercial risks, has closed an oversubscribed $21.6 million Series B funding round to accelerate its growth and product development. The round was led by Mubadala Capital (Abu Dhabi), with participation from Clocktower Ventures, Tacora Capital, and existing investors.
Michael Topol, Co-founder and Co-CEO, MGT.
The company plans to use the capital to expand its E&S lines presence across the U.S., further invest in proprietary AI infrastructure, and support research and development aimed at modernizing commercial property/casualty insurance for small businesses and the agents who serve them.
“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,” comments Michael Topol, co-founder and co-CEO, MGT. “By building MGT as a vertically AI-native company from the ground up, we’ve proven that automation and AI can drive meaningful efficiency.”
Ben Savage, Partner, Clocktower Ventures.
Founded with the goal of simplifying and accelerating the insurance experience for small businesses, MGT operates as a licensed carrier and has scaled its customer base to nearly 30,000. The company reports it has achieved profitability in under two years and reached $3 million in annual recurring revenue per employee.
Significant Impact for Brokers and Small Businesses
“MGT’s approach introduces a new model for small business insurance with technology that truly matters,” says Ben Savage, partner, Clocktower Ventures. “We believe MGT’s AI-native platform will redefine commercial insurance and create a significant impact for brokers and businesses alike.”
Graham Topol, Co-Founder and Co-CEO, MGT.
The company positions itself as a response to outdated commercial insurance systems that remain complex and time-consuming for both agents and clients. Its AI-native platform is designed to simplify and accelerate commercial insurance workflows for agents and small businesses.
“At MGT, we see insurance as the unsung hero of the American economy, enabling entrepreneurs to take risks and pursue new opportunities,” says Graham Topol, co-founder and co-CEO, MGT. “Our growth over the last two years is a testament to what can be accomplished when you combine exceptional people with modern technology.”
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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.