Counterpart Raises $50M Series C to Scale Agentic Insurance™ for Small Businesses

Five years ago, we launched Counterpart with the conviction that small businesses deserve better. Today, we're announcing that Counterpart has closed a $50M Series C, bringing our total funding to over $106 million. The round was led by Valor Equity Partners with continued participation from Vy Capital, both early investors in SpaceX. They join an incredible group of carriers, reinsurers, and broker partners betting on Counterpart to redefine small business specialty insurance.

The Problem

Business owners have never faced a more litigious environment. Lawsuits are more frequent and more expensive. Regulations are constantly shifting. Plaintiff attorneys are better funded than ever. Litigation finance has turned legal action into an asset class. And on top of all of it, small businesses now face a choice they cannot opt out of: adopt AI to stay competitive, or fall behind. Either path is dangerous. Standing still cedes ground to faster competitors. Moving forward opens new categories of exposure, from hiring algorithms to automated customer interactions, often before the legal frameworks around them have been written.

The data tells the story:

• The EEOC fielded nearly 270,000 inquiries in FY 2025 and recovered $528 million through pre-litigation enforcement alone, the highest in its 60-year history.
• Fewer than 33% of small businesses carry the management and professional liability coverage they need (Gallagher, 2025 Survey of Small Business Owners).
• 89% are not confident they'd be covered if something went wrong (Gallagher, 2025 Survey of Small Business Owners).

The result is a dangerous illusion of safety. Millions of small businesses are exposed to risks they don't know about, with coverage they don’t understand, supported by a system built for a different era.

How We’re Solving It

We have spent tens of millions of dollars and over half a decade building a specialty insurance platform that delivers fundamentally better outcomes for every participant in the ecosystem. We call it Agentic Insurance™. It combines Agentic Broker Services™, Agentic Underwriting™, Agentic Risk Mitigation™, Agentic Claims Management™, Agentic Coverage, and Agentic Capacity™ into one integrated system. The results have been remarkable:

• 250,000+ applications
• 35,000+ policies
• 50% faster claims resolution
• 94% claims satisfaction score
• 5 capacity partners with A ratings

These aren't vanity metrics. They're proof that a better model exists, and that it works at scale. Every application, every policy, every claim makes the platform smarter. We aren't trying to disrupt the insurance industry, we are accelerating its evolution through specialization. Carriers offer infrastructure and risk capital. Brokers manage the client relationships. We provide the intelligence layer that connects them and makes the ecosystem work as efficiently as possible.

What's Next

The latest funding round lets us move faster on the things that matter most:

• New specialty products. Expanding our product suite in partnership with our wholesale brokers.
• Industry-specific programs. Purpose-built coverage for small businesses segments that require tailored coverage and support.
• Smarter claims and risk management. Helping businesses get ahead of claims where possible, and managing them intently when they get through.
• Counterpart Insurance Company. Capitalizing our own risk taking entity that aligns incentives even more tightly with the brokers and businesses we serve.

Doing so will further establish Counterpart as the first call for brokers seeking specialty liability coverage, equipping them with the data, tools, and insights to become trusted advisors to their clients. Agentic Insurance™ gets better with every submission, policy, and claim.

The models get smarter, the outcomes get better, and the gap between what we can do and what incumbents can do gets wider.

Onwards!

Tanner Hackett

CEO, Counterpart