Sertis secures $3.2mn in funding to support growth in multifamily insurance market

March 26, 2024 [Reinsurance News] - Managing general agency (MGA) Sertis has completed an oversubscribed seed funding round, raising $3.2 million for further growth in the multifamily insurance sector.

The seed funding round, the MGA highlighted, demonstrates recognition from the industry for its innovative software solutions and strategic business model, as well as Sertis’ ability to attract significant investment.

Mark Gardella, CEO of Sertis, stated: “This funding round validates our innovation, strategic business model, and vision to deliver a stable and affordable multifamily insurance market and continue to strengthen our relationships with top brokers and independent agencies nationwide.”

Leading the investment was JLL Spark Global Ventures, the venture capital arm of JLL, a Fortune 500 company specialising in commercial real estate services.

The inclusion of Ajey Kaushal, Senior Associate at JLL Spark, on Sertis’ board brings valuable industry insight and expertise, enhancing the company’s strategic direction, the MGA noted.

Kaushal commented: “The Sertis platform is a breath of fresh air in an industry that has struggled to effectively price and place risk. Commercial property owners that work with Sertis can finally be rewarded for the technology they deploy in the form of greater risk protection and lower premiums.

“At JLL Spark, a core piece of our evaluation criteria is a company’s ability to drive a demonstrable ROI for their customer – that answer has never been clearer than with Sertis.”

The funding round had additional investments from BrokerTech Ventures and InsurTech NY, which also reinforce Sertis’ position within the insurance technology landscape, highlighting its potential for impact and growth.