MGT Insurance is a technology company.
MGT Insurance has raised $22.0M across 1 funding round.
MGT Insurance has raised $22.0M in total across 1 funding round.
MGT Insurance has raised $22.0M in total across 1 funding round.
MGT Insurance's investors include Afore Capital, Autotech Ventures, Clocktower Technology Ventures, Convective Capital, FPV Fund, Human Capital, Humba Ventures, Ribbit Capital, Mark Cuban, Tikhon Bernstam, Vivek Garipalli.
MGT Insurance is a vertical AI neo-insurer revolutionizing commercial property and casualty (P&C) insurance for small businesses and their brokers. It builds a full-stack AI platform that integrates data and technology to streamline the insurance process—from data collection to policy issuance—reducing weeks-long timelines to minutes, while operating in both admitted and excess & surplus (E&S) markets across 43 states and D.C.[1][2][3]
The company serves nearly 30,000 small business customers and brokers, solving pain points like confusing, time-consuming legacy processes with AI-driven underwriting, real-time pricing, and simplicity. MGT holds an "A-" (Excellent) financial strength rating from AM Best, has achieved profitability before its second anniversary, quadrupled growth, and reports $3 million in annual recurring revenue per employee. It recently raised $21.6 million in Series B funding to expand AI capabilities and nationwide E&S initiatives.[1][2][3][4]
MGT Insurance was launched in Greenwood Village, CO, by co-founders and co-CEOs Graham Topol and Michael Topol as a two-person experiment to create the world's first AI neo-insurer for the 35 million small businesses and brokers powering the U.S. economy.[1][3] The idea emerged from recognizing the inefficiencies in traditional commercial P&C insurance, aiming to blend cutting-edge AI with industry trust and broker-centric design—fast quoting, clear appetite, and responsiveness.[3]
Early traction was rapid: the company scaled to consistent profitability, strong growth, and its AM Best "A-" rating shortly after launch in 2023, serving thousands of customers and expanding operations nationwide.[4] Pivotal moments include quadrupling growth, achieving high operational efficiency, and securing Series B funding amid leadership hires from Google and high-growth startups.[1][2]
MGT rides the AI transformation in insurtech, targeting the outdated $300B+ U.S. commercial P&C market where small businesses face friction in accessing coverage.[2][3] Timing is ideal amid rising AI adoption for vertical applications, post-2023 launch momentum, and demand for neo-insurers that modernize without sacrificing stability—fueled by Series B capital for E&S expansion.[1][2]
Market forces like digital underwriting needs, broker efficiency demands, and small business growth favor MGT, as it influences the ecosystem by redefining broker-insurer relationships, boosting agent networks, and setting benchmarks for AI-driven profitability in a traditionally slow industry.[1][5] This positions it as a leader in tech-enabled risk solutions, bridging fintech innovation with insurance reliability.[4]
MGT is primed for hyper-scaling with its $21.6M Series B, leadership bench, and AI stack enhancements, targeting full U.S. E&S dominance and deeper broker penetration beyond 30,000 customers.[1][2] Trends like advanced AI modeling, real-time pricing, and regulatory tailwinds for neo-insurers will accelerate its trajectory, potentially redefining small business insurance as the go-to platform.
Its influence could evolve from disruptor to industry standard, empowering brokers with tools that make commercial P&C as seamless as consumer fintech—ultimately protecting more of America's small business backbone through smarter, faster coverage.[1][3]
MGT Insurance has raised $22.0M across 1 funding round. Most recently, it raised $22.0M Series B in October 2025.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Oct 1, 2025 | $22.0M Series B | Afore Capital, Autotech Ventures, Clocktower Technology Ventures, Convective Capital, FPV Fund, Human Capital, Humba Ventures, Ribbit Capital, Mark Cuban, Tikhon Bernstam, Vivek Garipalli |