We’re delighted to announce our newest strategic investment in AgentSync’s $25M Series A led by Elad Gil and Craft Ventures. Nine Four Ventures cannot be more fortunate and excited to partner with Niji and Jenn and the AgentSync team to build a category defining company. Here is a bit more about the business, opportunity, and why we invested.
AgentSync is a compliance software platform for insurance companies. It onboards new agents and continuously monitors their licenses and compliance requirements. This helps agencies, MGAs, carriers and InsurTechs transition from manual, offline compliance processes to a cloud-based system of record that improves compliance processes, reduces exposure to brand reputation risks and regulatory fines, and improves speed-to-revenue for new agents.
The idea was born out of Niji’s previous role at Zenefits, where he had first-hand experience with the pain of using manual, offline license monitoring workflows and the unfortunate risk exposures that come along with them. Niji discovered the problem and was responsible for building scalable technology and procedures to solve the challenge to make sure it never happened again. Niji subsequently left to commercialize what he had previously built internally, commercialized it, and is now selling it publicly so that all insurance stakeholders can benefit from his learnings.
After originally connecting with AgentSync in September of 2020, it immediately became clear that the business was addressing an overlooked and underestimated pain point. It is also one of the fastest growing startups we’ve seen, and every InsurTech we spoke to was either already a customer (and *loved* the product) or in discussions for a pilot. The feedback on the team and product was unanimously positive and spoke volumes about the clear value and ROI of the product. The strong mutual overlap between Nine Four’s theses in the space, AgentSync’s target market, and Nine Four Ventures’ LP base and broader network was the “icing on the cake” after we got to know Niji and the team.
AgentSync may not look like a traditional “PropTech” company but we define PropTech as the technologies that impact the people, processes and ecosystems that interact with the built world. This includes InsurTech because insurance plays a critical role in selling to and through and protecting the built world. As the secular shift from Baby Boomer to Millennial property ownership continues, the needs and preferences of policyholders are evolving and placing new pressure on both incumbents and upstarts to execute faster and more digitally without compromising security and compliance. This led to our investment in Steadily and continued our focus on the evolution of the space that companies such as AgentSync are driving. AgentSync is pushing to automate manual backend infrastructure processes that allow insurance companies to focus on their core, policyholder facing products, and outsource non-core yet critical responsibilities to best-in-class third vendors.
Insurance is a trillion dollar market that can support massive businesses, but AgentSync’s opportunity extends way beyond insurance to include any and all regulated industries: finance, healthcare, etc. It will be fun to watch how AgentSync’s product, target markets and growth strategy evolve over time. Congrats again to Niji, Jenn and the entire team. We’re just getting started!