Tampa tech startup TrustLayer, an automated software insurance verification platform, closed a Series A funding round of $15.1 million.
San Francisco-based venture capital firm Craft Ventures led the round with participation from returning investors: Abstract Ventures, Box Group, Propel Venture Partners, NFP Ventures, Sure Ventures, and a new investor, PruVen Capital. The returning investors include Tampa Bay Lightning owner Jeff Vinik, according to the company’s announcement Wednesday.
TrustLayer was founded in Silicon Valley in 2018 and relocated to Tampa late last year.
“These days, Silicon Valley is more of a mindset than a location, and we are very proud to be part of the booming Tampa startup community. With this new funding, TrustLayer is hoping to double our team in the coming year, with the majority of that growth happening in the Tampa area,” John Fohr, co-founder and CEO of TrustLayer, told the St. Pete Catalyst in a prepared statement.
As part of the funding round, Brian Murray, partner and COO at Craft Ventures, will join TrustLayer’s Board of Directors.
“We are especially proud to have such significant backing from a top-tier SaaS fund like Craft Ventures as well as some of the top insurance brokers in the country, a tremendous industry validation for our technology. We look forward to continuing this momentum with the support of our investors,” Fohr said in the company’s announcement. “We’ve started by tackling the end-to-end process, and we’ve nailed that, today. For the future, our sights are firmly set on creating net new value chains and transactional opportunities.”
The Series A funding round follows a $6.6 million seed round TrustLayer closed earlier this year, which Vinik also backed.
“No other company in our space has received this level of validation,” Fohr said.
He told the Catalyst the company is currently looking to add engineers, sales team members, and customer success specialists to its team.