CaseGlide, an insurance technology company in St. Petersburg, has gotten its first outside funding.
Acadian Software invested an undisclosed amount in CaseGlide. The company said it will use the capital to accelerate investments in its products.
CaseGlide provides legal spend management software for property and casualty insurers, third-party claims administrators and risk management departments.
The company was founded in 2015 by Wesley Todd, who is CEO, and Carly Todd, chief operations officer, with help and mentoring from Irv Cohen, co-founder and chairman of Seedfunders, an early-stage investor organization in St. Petersburg. Cohen is Carly Todd’s father.
CaseGlide has been bootstrapped until now.
“This infusion of capital will propel us forward in our mission to provide a diverse toolset of legal spend management solutions that are proactive, not reactive,” said Wesley Todd.
Insurtech is a growing sector that continues to break funding records, a report in Pitchbook said. About $3.97 billion was raised in 205 venture capital deals in the sector through the first 10 months of 2019, Pitchbook said. That exceeded the $3.92 billion raised in 280 deals in 2018.
Acadian Software generally invests $2 million to $30 million, according to its website. The company focuses on emerging Software-as-a-Services business with both rapid growth and profitability, said Jon Karlen, executive chairman of Acadian.
“By focusing on the specialized needs of property and casualty insurers, CaseGlide is enabling its customers to reduce legal costs and losses by proactively managing litigation. With its finger on the pulse of the critical claims sector, CaseGlide has developed the first purpose-built, cloud-based product that fundamentally improves outcomes for property and casualty insurers,” Karlen said.
Other companies in the Acadian portfolio include Klaviyo, with machine-learning technology for ecommerce merchants; Convoke, with a SaaS platform to help credit issuers manage data and documents for loans that in the collections process, and Roller, a SaaS platform for amusement parks and entertainment venues.
Carly and Wesley Todd previously were attorneys at defense law firms handling hundreds of cases for insurance companies. They founded CaseGlide after they noticed there was no central database or centralized communication for documents and filings, the St. Pete Catalyst previously reported.
CaseGlide’s technology manages all the information in one centralized platform.
The company says it distinguishes itself from other insurtech firms because its technology aligns claims department and their attorneys. Traditional legal spend management solutions result in friction between claims departments and their attorneys and most claims executives report increasing legal fees and loss costs despite investing in traditional solutions, according to CaseGlide.
“CaseGlide’s unique approach to legal spend management works. Our legal spend software delivers results for claims departments of all shapes and sizes: large and small property insurers, auto insurers, commercial insurers, personal lines insurers, Fortune 500 companies and third-party administrators,” Wesley Todd said.
Cohen said he was the “gray hair” that helped CaseGlide recruit its first client. “At the time, Wes was very young looking and I was able to bring certain ‘gravitas’ to client visits,” Cohen mused.
CaseGlide now has managed more than 100,000 cases, the company said
CaseGlide by the numbers
100,000 cases managed
500+ law firms in network
20+ insurers supercharged
NOTE: Irv Cohen is a partner in the St. Petersburg Group, which developed the St. Pete Catalyst.