Updata Partners VIII Invests in Vertical Insure

We are pleased to announce a significant growth investment in Vertical Insure, a Minneapolis-based embedded insurance platform for Vertical SaaS platforms, marking the first investment from Updata Partners VIII. Updata led the funding round, with participation from existing investors Rally Ventures and Dundee Venture Capital.

Consumer insurance is typically bought through fragmented broker relationships and remains largely offline, so end-customers either skip protection or buy a poor match for the risk they are taking. Vertical SaaS platforms, meanwhile, are seeking to grow revenue beyond seats and payments. Embedded insurance solves both needs, but delivering it requires carrier relationships, underwriting expertise, and regulatory infrastructure few software companies can build themselves. Vertical Insure enables vertical software platforms to offer embedded risk protection to their customers and end-users. Through a single multi-carrier API, Vertical Insure designs, prices, and administers purpose-built insurance products its partners offer at the point of transaction, creating a high-margin, net-new revenue stream with no balance sheet risk to either party.

Vertical Insure is led by founder and CEO Brock Noland, a multi-time founder whose prior businesses include phData, which sold to Gryphon Investors and Monroe Capital. Brock has assembled a senior leadership team with experience from companies like Oracle, Jamf, Asurion, SPS Commerce, Bain, and others. The Company is growing more than 100% year over year while remaining capital efficient, with best-in-class retention and unit economics. Verticals served include sports, camps/activities, events, property/rental, and education, including hundreds of software partners like SportsEngine, LeagueApps, Togetherwork, Daxko, and Blackbaud.

We look forward to partnering with the team as they establish vertical leadership and expand their product and carrier network. Updata will be represented on the board by General Partner Jon Seeber.

The Company's press release can be found here.