Outmarket Secures $34.5M Series B to Automate Insurance Brokerage

Vishal Sankhala, a former Ethos executive and veteran of Facebook and Uber, founded Outmarket in late 2023 to tackle the heavy administrative burden of commercial insurance. While most insurance is still sold by human agents, the process remains bogged down by complex, non-standardized documentation. Outmarket’s platform automates the evaluation and recommendation of policies, allowing firms like Marsh and Aon to prioritize client relationships over clerical tasks.

The startup has gained significant traction, onboarding over 300 agencies in just 14 months, including a quarter of the top 100 firms in the sector. This rapid adoption highlights a hunger for efficiency in an industry often criticized for slow digital evolution. Despite competition from emerging players like Fulcrum AI and Further AI, Outmarket is targeting a U.S. property and casualty market that commands over a trillion dollars in annual premiums.

This latest financing round included participation from Fika Ventures, Permanent Capital Ventures, TTV Capital, and Dash Fund. By focusing on the deep nuances of commercial coverage—ranging from general liability to directors and officers insurance—Sankhala aims to scale the business by turning time-consuming document processing into a streamlined, automated operation.