Aclaimant, an insight-driven workflow platform for safety and risk management, announced it has raised $15 million in Series B equity and debt funding led by Next Coast Ventures.
This brings the company's total funds raised to over $20 million. Adam Rogers, former CEO of Ultimate Software, and existing investors Mercury Fund, KEC Ventures, Royal Street Ventures, and Aspen Capital Group also participated in the round.
Aclaimant's Series B financing follows a year of significant growth and momentum. In 2020, Aclaimant reported its best revenue and increase in customers on record. The company's monthly active users in the platform and system usage increased by over 400% in 2020.
The company will use the new funds to double down on product innovation, increase hiring across all departments, accelerate client acquisition and sales as well as marketing and partnership development. Aclaimant will continue to add key talent across the risk management spectrum to grow and expand its in-house subject matter expertise.
"Since our founding, we've strongly believed that organizations can reduce their cost of risk while providing a safer environment for employees. With safety as a key priority for organizations in today's landscape, this commitment is as strong as ever," said David Wald, CEO and co-founder of Aclaimant. "We're proud of the trust and respect we've earned in the industry, and we're looking forward to bringing our innovative products to the mass market with the help of our investor partners."
A recent survey found that two-thirds of employees are worried about their health and safety when it comes to returning to the workplace amid COVID-19. As vaccines roll out worldwide, the "return to work'' dynamic is centrally focused on keeping employees safe on the job – a mission that is well-aligned with Aclaimant's expertise. The Aclaimant platform is designed to help organizations actively manage risk while improving the claims management process, and with its fresh capital, the company will continue building innovative technologies that keep employees safe at their worksites across multiple industries – including construction, manufacturing, staffing, real estate, and hospitality.
"David and the Aclaimant team have built an unbelievable platform and assembled the right team to tackle this opportunity. Together, they are bringing much-needed innovation to the risk management and insurance space subsisting of old, outdated technologies," said Thomas Ball, Partner, NextCoast Ventures. "Aclaimant is empowering risk managers to take control of their systems, data and processes... This is about empowering every company to take active risk management into their own hands and to truly improve their organizations from the inside out."
The senior management team, including co-founders Wald, Joel Friedman, and Michael Schultz, will continue to lead the company. As part of the round, Thomas Ball (Partner at Next Coast Ventures) will join the company's board as a director, Kathy Burns (Chief Digital Officer at Ryan Speciality) will join the company's board as an independent director, and Adam Rogers will join the company's board as an observer.