ProspX Secures Additional Funding for Growth

ProspX, Inc., developer of an on-demand search and sales collaboration platform for the commercial insurance industry, has completed an $8 million round of Series B funding to further accelerate the company's growth. The funding round was led again by Adams Capital Management with participation from other investors such as HPI Real Estate Services and Investments (HPI). With the investment, ProspX has now raised a total of $14.5 Million. 

“ProspX has built a proven revenue model and efficient software-as-a-service business resulting in satisfied customers and strong company growth,” says Martin Neath, general partner, Adams Capital Management. “We are very excited about the momentum the company is experiencing and believe that the additional capital gets ProspX that much closer, faster to transforming this important industry.”

ProspX develops a solution for managing the sales process of the $500 billion commercial insurance industry. The SaaS platform combines enterprise search, social networking, and sales collaboration technology to automatically connect commercial insurance agents, brokers, and carriers at the initial point of a business opportunity, as well as throughout the sales cycle.

There are 4,000 brokers and more than 16,000 carrier underwriter specialists currently represented in the ProspX network. Additionally, the company continues to build on the successful adoption of its collaboration platform with the announcement of InsiderConnect, an electronic marketing offering.

“With the support of our investing partners and our talented team we can continue our mission to transform the often manual and inefficient business of commercial insurance,” says Todd Young, president and CEO of ProspX. “This investment is a great vote of confidence in our company, and we plan to use the funding to continue developing world class solutions that help our agency and carrier partners harness the best relationships, intelligence, and resources available for their clients.”