202404 Apr

Summit Announces $3.5M Investment to Build the Commercial Brokerage of the Future

Summary

Summit is excited to announce our $3.5M Seed Round of Financing.The momentum generated from this funding is not just a validation of our business model and revenue growth, it reenforces our long term vision: building the commercial insurance brokerage of the future.We believe broker distribution will continue to be the primary distribution model for commercial insurance, and Summit is reinventing the traditional delivery of this model. The industry is starved for top talent, combined with significant barriers to entry and rapid consolidation, leaving both consumers and brokers buried in excessive paperwork, limited insurance options and a desire for change. This $3.5 million funding round marks a significant milestone in our journey towards modernizing the Canadian insurance landscape. This infusion of capital, led by IA Capital Group with follow-on investment from Harvest Ventures, not only underscores the confidence in our innovative business model, but will significantly accelerate Summit in executing on our long term vision.Ravi Shah, Vice President at IA Capital, said, We are thrilled to be partnering with Josh, Davis and the entire Summit team in the next stage of their growth serving the commercial insurance needs of businesses in Canada. Weve been incredibly impressed by the traction to-date in one of Canadas fastest growing retail brokerages.

Source: Summitcover

Funding

$3.5M
Amount
Apr 04 2024
Date
-
Investor
Summit
Company

Classifications

Companies