Story image for Traditiona from Crain's Chicago Business

Chicago-based Snapsheet, a provider of virtual claims software for the personal and commercial insurance sector, has raised $12 million in Series D funding. Tola Capital led the round. In conjunction with the funding, Sheila Gulati of Tola Capital has been added to Snapsheet’s board of directors.

PRESS RELEASE

Chicago, IL – June 13, 2017 –
Snapsheet, the leading provider of virtual claims software for the personal and commercial insurance industry, announced the close of a $12 million series D round led by Tola Capital.

Snapsheet will apply this investment to further accelerate the development of its mobile-first, data-centric, and AI-enabled virtual claims platform and expand sales, marketing and customer engagement functions. Through its claims management technology, data-enabled workflow, and mobile applications for customers and adjustors, Snapsheet empowers auto insurance carriers to efficiently manage the claims lifecycle for all parties. They guide customers through the lifecycle of submitting and processing a claim, reducing the time required for claims adjusters to collect and submit data, thereby improving cycle times and customer satisfaction. “We have continued to build relationships with top insurance carriers, including industry leaders like USAA, Liberty Mutual and Metromile, validating our vision for a seamless, software-enabled claims lifecycle.

Our platform is reimagining the claims process and enables 90 percent of all claims to be processed virtually,” said Brad Weisberg, founder and CEO of Snapsheet. “We’re dedicated to investing in technologies like machine learning that will continue to improve workflows for the insurance industry. The funding and partnership with Tola Capital, an investor with deep roots in the enterprise software industry, will be a key enabler for us on this journey.”

With this investment, Sheila Gulati of Tola Capital will join Snapsheet’s board of directors. As an investor with a deep focus on building software platform businesses, machine learning and data platforms and serving as a former business leader with Microsoft, Gulati brings a wealth of expertise to Snapsheet.

“The traditiona insurance claims cycle has been fraught with laborious, multi-step processes that were inconvenient to insurance customers and costly for carriers and repair shops,” said Sheila Gulati, managing director at Tola Capital. “Snapsheet has created a platform that has optimized a key workflow for its customers and created a deeply valuable set of data to further drive insight and business value for the insurance industry.”

To learn more about Snapsheet, please visit www.snapsheetapp.com.

About Snapsheet Snapsheet is the pioneering provider of a virtual claims platform to personal and commercial auto insurance carriers. Based in Chicago, the company offers major auto insurance carriers Snapsheet’s mobile-first, data-enabled virtual claims platform. Insurance carriers, consumers, and repair shops experience a reimagined claims workflow that saves carriers and repair shops time and money and provides a more convenient and satisfying claims process for insurance consumers.

Snapsheet is revolutionizing the insurance claims process from estimation, to repair and payment. For more information, visit www.snapsheetapp.com/.

About Tola Capital Tola Capital is a venture capital firm that focuses on the opportunity to invest in the next wave of enterprise software companies. The firm provides both capital and hands-on engagement to support the growth of its portfolio companies. Tola Capital targets software companies with essential products for enterprise customers, a solid existing customer base, a strong competitive position, and great talent and culture. Tola Capital invests globally and across multiple stages.

[Source”pcworld”]