Indianapolis-based myCOI LLC, a fast-growing insurance technology company, has secured $ 5 million in debt financing from Seattle, Washington-based SaaS Capital.
Founded in 2009, myCOI uses both proprietary software and human expertise to help clients collect, review and track insurance certificates. MyCOI customers are companies that need to verify that their business partners (suppliers, contractors, tenants, suppliers, etc.) are insured and that these policies include the appropriate coverage.
“We are in place to make sure that there is an insurance company that is going to protect these businesses and people, when these bad days strike,” said myCOI Founder and CEO Kristen Nunery, who is there. ‘one of the 40 IBJ laureates in 2021.
MyCOI will use the funding from SaaS Capital to make investments in products and people, Nunery said this week after announcing the capital injection.
The company serves more than 450 clients across the country, in a range of industries including construction, commercial real estate, oil and gas, franchising and others. Nunery declined to disclose annual income figures.
MyCOI currently has around 85 employees, of which more than 30 have been hired this year. Nunery said the company plans to hire around 30 more people over the next year for positions such as product development, sales and marketing.
Between 2011 and 2018, myCOI raised several fundraisers, most recently raising $ 2.2 million from 13 investors in 2018, according to Securities and Exchange Commission documents.
The company’s investors include Indianapolis-based Elevate Ventures Inc., Chicago-based Vitalize Venture Capital, and numerous angel investors.
Nunery said myCOI decided to pursue debt financing this time around because it did not want to dilute its current owners’ stakes in the business by issuing more equity.
Before the pandemic, the company secured a first round of debt financing from Dreadnought Capital LLC, based in Columbus, Ohio.
“This is our second credit facility, and the first has worked really well for us, so we chose to do it again,” Nunery said.