AI Neo-Insurer MGT Closes $21.6M Oversubscribed Series B to Redefine Commercial P&C Insurance for Small Businesses
Summary
MGT has closed an oversubscribed $21.6 million Series B round to expand its AI-native commercial P&C insurance platform for small businesses. The company plans to use the capital for research and development, deeper vertical AI capabilities, and nationwide growth of its excess and surplus business. MGT says its platform streamlines the insurance buying process from weeks to minutes and already serves nearly 30,000 customers. The raise highlights investor confidence in software-driven automation for insurance operations.
Funding
Amount
$21.6M
Total raised
Date
October 16, 2025
Announcement date
Investors
Mubadala Capital, Clocktower Technology Ventures
Lead investors
Company
mgtinsurance.com
Funded company
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