Indianapolis-based myCOI says it has raised $5 million in debt financing which the company says will help fuel growth and product development. The Software-as-a-Service company helps business customers track and manage their certificates of insurance. The COI verifies the existence of an insurance policy and is necessary for business owners and contractors to prove they have liability insurance. myCOI says the funding comes from Ohio-based SaaS Capital Management Inc.
“Partnering with a highly-respected, experienced group like SaaS Capital enables us to further strengthen our leading position in the market and better empower our more than 450 customers against the disruptive impact of claims,” said Kristen Nunery, chief executive officer of myCOI. “We are thrilled to continue investing in our industry-leading technology that has already been a difference-maker for so many businesses.”
Nunery says the new funding will be used for product innovation, customer experience improvements and new hires primarily within the sales, marketing, product and development departments. According to the company, it has doubled its number of employees within the past few years.
“As the world becomes more digitized, more connected and faster-moving, ensuring adequate insurance coverage and avoiding policy lapses will only become more and more important for all businesses,” said Rob Belcher, managing director of SaaS Capital.