Insurance back-office workflow tech firm Comulate raises $20mn in Series B round

By Mia MacGregor

Feb 11 - (The Insurer) - San Francisco-based insurtech Comulate has announced a $20mn Series B funding round led by BOND and Workday Ventures.

The investment from the strategic capital arm of finance and HR platform Workday will further propel Comulate's reinvention of back-office workflows, according to the company.

Additionally, Comulate noted that as part of this investment, it will join Workday's partner program to accelerate deeper integration for shared customers.

BOND and Workday Ventures join existing investors Neo, Spark Capital, Jonathan Crystal, Plaid's Zach Perret, and Applied Intuition's Qasar Younis.

Leveraging AI, Comulate’s accounting automation eliminates over 90 percent of manual work, according to the company.

Since launching in 2022, Comulate has expanded to serve several firms, including IMA Financial, The Baldwin Group, and Hilb Group.

In the last 12 months, the company reported that it has tripled revenues while enabling customers to reclaim over 350,000 hours by automating processes across the accounting lifecycle.

"Comulate has scaled to eight-figure revenues in less than three years since founding – an unprecedented pace in the insurance industry," said Jay Simons, general partner at BOND.

"The team is uniquely positioned to broaden its vision and transform an industry still burdened by hundreds of billions of dollars spent on manual operations across the value chain,” Simons added.