iPipeline Raises $18 Million In Series A Financing

9 July 2008

iPipeline today announced the completion of its $18 million Series A financing led by NewSpring Capital of Radnor, Pa., and Fidelity Ventures of Boston. iPipeline’s management team also participated in this financial venture.

iPipeline’s Larry Berran, said, “The firm will use this funding to expand its sales and marketing effort with both carriers and distributors, to develop additional point-of-sale capabilities for agents, and to make select tuck-in acquisitions to extend the depth of the offering.”

Mike DiPiano, managing partner at NewSpring commented, “iPipeline is well positioned in the insurance technology market to take advantage of the continued shift away from selling insurance through captive to independent agents. As a result, with the significant increase in these independent agents now selling policies, there’s a greater need for straight-through processing across a complex value chain.”

“iPipeline provides a compelling value proposition to all market constituents with its content-form repository and technology delivered in an on-demand environment”, said Roger Hurwitz, partner, Fidelity Ventures. “With iPipeline’s distribution reach, we believe the company is well positioned to meet the needs of an underserved insurance industry. We look forward to assisting them with their next phase of growth.”

Under Berran’s leadership, iPipeline recorded 400% growth over the past 5 years, attracting over 100 carriers and 700 distributors on its hosted platform. “We are pleased to have NewSpring Capital and Fidelity Ventures join as investors as we build our business,” Berran said. “This combination provides deep operational expertise, an enormous network and the know-how to achieve success.”

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