In recent news, Billy, a well-known insurance company focused on the construction industry has announced they closed out a successful second round of funding, raising an additional $2.5 million from existing investors and several new angel investors. This adds to the existing $2 million seed round the company raised in 2019, bringing Billy’s total funding to just over $4.5 million.
Billy, founded in 2018 by construction industry veterans Sam Allen and Rob Laing, works to bring comprehensive insurance offerings to construction professionals everywhere. They have created an online platform that assesses project-specific insurance needs, allowing construction professionals to quote, purchase, and manage the appropriate coverage quickly and easily. The platform isn’t just for those looking for project-level coverage, either. When developing the platform, the Billy team kept in mind the long-term insurance needs of construction professionals. This led to the institution of payment plans, coverage renewal notifications, and a wide range of features designed to make it easier for construction professionals to maintain a secure and adequate policy.
The extra funds that Billy has raised will be used to expand their current offerings. Currently, Billy’s portfolio of coverages only applies to those working in an individual capacity. With the influx of new capital, the company has announced their intention to offer a range of small business-oriented policies, so that companies engaged in large-scale projects (valued up to $50 million) have access to the same level of security enjoyed by smaller scaled operations.
The Billy team hopes to incorporate these additional services during the first quarter of 2021. Additionally, the company has made it clear that new listings, acquisitions, and other expansive measures are in the works for 2021, aiming to solidify their presence within the construction insurance space.
Given the funding boost, the Billy team has announced plans to hire additional software engineers and customer service personnel to ensure the continued growth of their overall insurance solution. Allen, the co-creator of Billy, remarked on the tremendous capital raise with the following statement:
“I/Rob are humbled by the overwhelming show of support we received from our investors. We know that the faith they have in us is no small matter, and we plan to use the raised funds to further our mission of improving construction risk management worldwide.”
The company seems primed to leave its mark in the construction risk insurance industry. With their successful capital raise and recent expansion plans, it’s likely that Billy will soon become a household name for construction professionals everywhere.
