Texas-based agency Equal Parts launches with $10 million in acquisition capital

By Mia MacGregor

April 1 - (The Insurer) - AI-focused broker consolidator Equal Parts has launched with $10 million in acquisition capital led by Equal Ventures and Max Ventures.

The Austin-based company aims to modernize the industry by acquiring small agencies and equipping them with AI-powered tools to automate tasks and integrate systems.

Equal Parts noted that it has already completed its first deal, with plans to close several more foundational acquisitions within the next 90 days.

Initially focused on independent agencies with less than $5 million in revenue, the company said that it will be able to transact on independent businesses of all sizes as it builds out its acquisitions.

The company is led by CEO and co-founder Mike Witte, who previously founded and scaled energy services company RigUp (now Workrise).

The founding team is rounded out by Mike Meller, who helped create Workrise’s small business acquisition and growth strategy, and Graham Yennie, who brings experience in applied machine learning and AI implementation.

"Our technology doesn't replace the human element. It enhances it by removing the administrative burden that so often prevents small business owners from prioritizing client-focused work,” said Meller.

Witte added, “We believe that the future of insurance is equal parts innovation and relationships, equal parts technology and tradition — and that the winner will take both of those parts to the extreme.”