On October 27th, Billy, an end-to-end insurance platform for construction companies, announced a $3.5 million seed funding round led by MetaProp, a leading global venture firm in the proptech industry, and Coelius Capital.
With this latest oversubscribed round, Billy has now raised $4.25 million in total funding in 2021 alone.
Billy will use the funds to recruit top new talent and bolster its platform’s technical capabilities to expand the overall insurance management system.
MetaProp's co-founder, Zach Aarons, is thrilled about the team at Billy and feels its well-positioned to improve overall efficiency in the construction sector.
Both insurance and construction industries are infamously outdated—heavily relying on paper records and manual processes to monitor contractors’ insurance coverage and compliance. Billy’s platform brings much-need digitization to construction insurance.
Nyasha Gutsa, co-founder and CEO of Billy, brings 12 years worth of experience in developing property technology for the construction and real estate industry after having spent the past few years leading teams at Procore, WeWork, and Occupier.
Similarly, Grant Robbins, co-founder and CMO of Billy, brings 25 years of construction expertise to the team as does VP Amit Kalra who has has worked in the insurance sector for over ten years—most notably as Senior Underwriting Officer at Attune Insurance. The team's rich experience will help them improve the overall customer experience of managing insurance by reducing risk exposure.
By facilitating the exchange of insurance data on a single, shared platform, Billy can enable businesses to increase compliance from a mere 17% to near 100% adherence in just one week by incorporating their technology into their workflows.
Billy is an up-and-coming provider of insurance and risk management software solutions. By connecting major construction and insurance stakeholders on a single platform, Billy helps construction companies manage third-party risk.
MetaProp is the world's most prominent investment firm specializing in the PropTech sector. Since its inception in 2015, MetaProp has funded more than 125 different technology start-ups across the real estate industry.