Investments Boost Hoosier Tech CompanyPosted: Updated:
An Indianapolis-based insurance technology company has scored a $1 million infusion. The funding comes from the Indiana Angel Network and angel investors in Indiana and California. It will support myCOI's plans to add 20 workers in the next year. August 20, 2014
INDIANAPOLIS, Ind. - myCOI, an emerging insurance technology company headquartered in Indianapolis, has completed a $1M round of funding led by the Indiana Angel Network Fund and other angel investors in Indiana and California.
This investment will allow myCOI to hire 20 new employees by July 2015. Already, the company has made five new hires in the since the beginning of June, and plans are in place to hire an additional nine employees by 2015.
"Our investors recognize that the insurance industry is growing rapidly. This funding allows us to expand our product, attract and keep top tech talent here in Indiana, and continue to be a leader in the industry," said myCOI CEO Kristen Nunery.
myCOI, which provides Software as a Service (SaaS) certificate of insurance management, maximizes third-party contract compliance for clients such as REMAX, Dole Foods, and the 500 Festival.
"It's great to be able to help expand the tech industry here and to put our city on the map," said Nunery. "We have a lot of talent here, and to be able to bring that into our company has been a fantastic thing."
myCOI provides a full-service solution to help companies track and manage certificates of insurance. By focusing on improving the product technology and delivering it with the support of experienced insurance professionals, myCOI provides superior service to clients, as well as to the vendors and insurance agents of their clients.
About Indiana Angel Network Fund
Led by Elevate Ventures Investor Network, the Indiana Angel Network Fund (the "IAN Fund") is a source of seed capital dedicated to discovering and nurturing emerging, high-potential, innovation-based companies within the State of Indiana. to learn more about the IAN Fund or to apply for funding, visit http://www.elevateventures.com/programs/indiana-angel-network-fund.
About Elevate Ventures
Elevate Ventures is a 501(c)(3) nonprofit organization with a mission to develop and nurture emerging and existing high-potential businesses into high-performing Indiana-based companies. As a not-for-profit organization, Elevate is able to offer unbiased, in-depth perspectives and recommendations.