myCOI Raises $5 Million from SaaS Capital to Fuel Innovation and Growth
August 11, 2021
CINCINNATI, SEATTLE, INDIANAPOLIS, August 10, 2021 – myCOI, a certificate of insurance (COI) tracking and management solution, today announced it has secured $5 million in debt financing to fuel its continued growth as an industry leader in the COI tracking space. The funding comes from SaaS Capital, a leader in growth debt for B2B SaaS companies.
“Since founding myCOI more than a decade ago, we’ve always been hyper-focused on protecting our customers. We are committed to delivering an exceptional experience through our software and insurance expertise in an ever-evolving industry,” said Kristen Nunery, CEO of myCOI. “Partnering with a highly-respected, experienced group like SaaS Capital enables us to further strengthen our leading position in the market and better empower our more than 450 customers against the disruptive impact of claims. We are thrilled to continue investing in our industry-leading technology that has already been a difference-maker for so many businesses.”
By continuing to focus on technology improvements, Nunery says myCOI can provide risk mitigation services to even more clients while better serving existing ones. The new funding will be used for continued product innovation, customer experience improvements, and new hires primarily within the sales, marketing, product and development departments.
“SaaS Capital is excited to partner with myCOI,” said Rob Belcher, Managing Director of SaaS Capital. “As the world becomes more digitized (cybersecurity), more connected (privacy) and faster-moving (automation), ensuring adequate insurance coverage and avoiding policy lapses will only become more and more important for all businesses. Kristen has a great vision for the platform and industry, and we are pleased she chose SaaS Capital as her capital partner for this next phase of growth.”
Today’s funding announcement comes after years of steady growth for the technology company. myCOI enjoyed a 96 percent client retention rate year-over-year from 2019 to 2020. Additionally, the total number of employees has doubled within the past few years with more hiring plans in the works.
Leading the industry for over a decade, myCOI offers a complete Certificate of Insurance software and service solution. myCOI transforms how companies manage risk and is packed with automated workflows, backed by insurance experts, and is powered by next-generation technology. With myCOI companies can achieve insurance compliance and protect against costly claims, making the complex feel simple. To learn more about myCOI, visit https://www.mycoitracking.com/.
About SaaS Capital
SaaS Capital is the leading provider of growth debt designed explicitly for B2B SaaS companies. SaaS Capital’s growth debt is structured to provide a significant source of committed funding, deployment flexibility, and lower overall cost of capital, all while avoiding the loss of control associated with selling equity. SaaS Capital was the first to offer lending alternatives to SaaS businesses based on their future recurring revenue. Since 2007, SaaS Capital has deployed $234 million in growth debt to deliver better outcomes for 70+ clients, resulting in $983 million in total enterprise valuation created. Visit www.saas-capital.com to learn more.
Who Is SaaS Capital?
SaaS Capital® is the leading provider of long-term Credit Facilities to SaaS companies.Read More