Exclusive: Ledgebrook seals $65 million Series C round led by Stephens Group

By James Thaler

June 20 - (The Insurer) - E&S insurtech Ledgebrook has secured a $65 million Series C funding round led by existing investor the Stephens Group, with additional backing from Duquesne, Brand Foundry, Floating Point, American Family Ventures and Hummingbird Ventures.

A spokesperson for Ledgebrook confirmed the broad outlines of the oversubscribed funding round and said that the proceeds will be used to add talent to grow and enhance its client-service-led approach to wholesale brokers.

The raise will also help Ledgebrook offer new insurance products through its platform, and participate further in retaining risk on the insurance it is writing on behalf of its carrier partners.

Ledgebrook management and employees will continue to be the largest shareholders in the company. Ryan Morrow, managing director at Stephens Group, will join Ledgebrook’s board of directors.

Hummingbird Ventures is among new investors participating in the round.

The insurtech closed a $17 million Series B last September with backing from Stephens Group and Duquesne, in addition to a $24 million Series A round in March 2024 led by American Family Ventures.

Ledgebrook said the latest funding provides it with deeper involvement from an experienced partner in Stephens Group, which has a long history of helping to build great businesses.

“I’m really excited to deepen our collaboration with Stephens Group and the Stephens family,” Ledgebrook founder and CEO Gage Caligaris said in a statement.

“Their fair, open, honest and long-term approach to business partnerships matches our own at Ledgebrook and has shone through since their initial investment last year,” he added.

Caligaris said that the Series C funding round “recognises the momentum” that the insurtech has achieved.

“It positions Ledgebrook to truly establish itself as a premier E&S platform, known for consistent execution on our mission to delight wholesale brokers and for bringing together the best of insurance expertise and technology,” Caligaris continued.

“I am proud of the backing we have from our existing and new investors and am incredibly grateful for their support,” he concluded.

In a statement, Morrow from the Stephens Group called Ledgebrook “a unique and truly impressive, founder-led platform in the attractive E&S marketplace with fantastic early momentum”.

“We look forward to a partnership with Gage and Ledgebrook for many years ahead. We and our co-investors could not be more excited to partner with the team as the business scales,” he added.