Tech Company Financing Transactions
Functional Finance Funding Round
Functional Finance, based in San Francisco, secured $8 million in funding from Altai Ventures, New Enterprise Associates and Walkabout Ventures.
Transaction Overview
Company Name
Announced On
8/3/2023
Transaction Type
Venture Equity
Amount
$8,000,000
Round
Seed
Investors
Altai Ventures (Lead Investor)
New Enterprise Associates (Lead Investor)
Walkabout Ventures (Lead Investor)
Proceeds Purpose
The company intends to use the funds to accelerate product development and marketing initiatives that focus on streamlining back-office functions for companies in the insurance industry.
Company Information
Company Status
Private & Independent
Industry
InsureTech
Mailing Address
548 Market Street PMB 68044
San Francisco, CA 94104-5401
USA
San Francisco, CA 94104-5401
USA
Phone
Undisclosed
Website
Email Address
Overview
We had operations as a retail agency, a wholesaler and an MGA, along with many carrier partners. Automating the back office across the business while providing visibility to our partners and insureds was our greatest challenge. With Functional Finance, I am taking my first hand experience and turning it into a solution that truly works across the industry.
Profile
Social Media
Company News
Facebook
YouTube
Management Team
Title
Name
Email & Social
Chief Executive Officer
Rashmi Melgiri
Chief Technical Officer
Tony DeGangi
President
Jim Ermilio
Browse more venture capital transactions:
Prev: 8/3/2023: Pockit venture capital transaction
Next: 8/3/2023: Ozlo Sleep venture capital transaction
Share this article
About Database of VC Transactions
We report on every notable VC transaction. VC investment data records reported here are sourced from a variety of public sources. The data comes to us via our partnership with VentureDeal.com, an affiliated venture.
Additional Resources for Entrepreneurs