Better Agency, a broker-tech SaaS platform designed to help independent insurance agents automate their insurance sales and processes, has closed a $2.1 million series round.
The round was led by PHX Venture Partners, LLC, a major venture capital firm based out of Phoenix AZ. Better Agency co-founder and CEO Will Shaw said in an interview that while Better Agency received several term sheets, the company landed on PHX Venture Partners, LLC because of the firm’s vision for building long-term companies.
Mesa AZ-based Better Agency has become one of the insurance industry’s most successful, fastest growing broker-tech startups, achieving over $1 million in new revenue in their first operating year of 2020. Prior to funding, Better Agency was 100% bootstrapped. The company saw huge growth during 2020 as the pandemic forced a surge in remote work and a reliance on agency technology.
“Agencies can’t grow on scattered tech stacks, especially in a hybrid or remote world,” Shaw said. “Our platform keeps agencies focused and allows them to better automate tasks and communications they have with their clients at scale so that they can focus on better managing and growing their agency.”
Here’s what we’re going to do with the money
We raised this capital to make strategic and intentional advancements within our product. As a bootstrapped company from day one, we were limited in how fast we could make key enhancements and additions to our product. This funding will allow us to push a faster pace while building a modern tech infrastructure correctly.
1) Expanding the product and development team
We’ve made key hires to our product and development team and will continue to scale those operations which will allow us to enhance the current product offering at a faster pace.
Better Agency will make key enhancements to its automated CRM and AMS. This includes more built-in campaigns for personal and commercial lines, more automated triggers, deeper integrations, enhanced reporting, and much more.
With added features and functionality, Better Agency is poised for exponential growth as the industry’s first and only sales-driven AMS.
Ryan Peterson has joined Better Agency as a VP of Product. Ryan has many years of experience building technology products in vertical markets. Ryan is credited with helping to build the first ever SaaS automation campaign builder at his time at Infusionsoft where he spent 12 years as their “Director of Product”.
Ryan’s expertise and experience is going to help Better Agency complete its mission of helping independent agents issue $1 billion in new premium. With Ryan’s involvement, Better Agency will properly build its platform and continue on the path of being the number one technology platform for independent agents and brokers.
Additional steps to scale the existing team of state-side developers and hire experienced architects to build a more secure and functional platform is currently underway.
2) Doubling our team by the end of 2021
Better Agency will double its team of employees by the end of 2021. There are current open positions which can be found here.
Better Agency recently made a key hire, adding Cynthia Olgren to the Customer Success team as a Client Success Manager. Cynthia’s addition has allowed Better Agency to enhance its agency onboarding and implementation strategy for new users. Better Agency will continue to add more members to the Customer Success team in 2021.
Cynthia has many years of insurance agency experience and will use her industry experience to better assist Better Agency users.
The new team additions will allow Better Agency to properly scale operations, infrastructure, and support as we continue to accelerate our growth as the number one tech platform for independent agents.
3) Taking better care of our current team
It takes a special type of person to go to work for a bootstrapped startup. We’re grateful to have an amazing team at Better Agency. As we double in size and onboard new team members, we will also make it a priority to take care of our current team who have helped us build Better Agency into what it is.
Better Agency recently promoted Jon LaRiviere to the role of Jr. product Manager. Jon will work closely with Ryan Peterson and Better Agency CTO Jordan Hatch to work with Better Agency users and prospects and implement the product roadmap.
Previously, Jon worked in the Customer Success department where he was responsible for onboarding new users to Better Agency.
Better Agency recently promoted Dan Mory to the role of Customer Success Manager. Dan previously worked as a Client Success Manager and provided support and onboarding to new Better Agency customers. Now he will oversee the entire Customer Success department.
Dan is a military veteran with industry experience as an independent agent. Dan’s forward thinking and approachable style has allowed him to build a tight bond with Better Agency users.
Athena Sy has been promoted to the role of a Tier 2 Customer Support Specialist. Athena has been with Better Agency from nearly the beginning. She is being promoted from a Tier 1 Support Specialist.
Athena has proven to be a very valuable member of the team and has been the first line of support for Better Agency users since November 2019.