Insurance Startup Aclaimant Raises $10M to Help Report Workplace Injuries
Jun 29, 2020
A Chicago startup making a platform for employers to report workplace injuries has raised a new round of funding to bring its software to more industries.
Aclaimant, founded in 2013, announced Monday that it raised $10 million in a Series A round led by Mercury Fund. Other investors include Royal Street Ventures, EBSCO Capital, KEC Ventures, RRE Ventures and Aspen Capital Group.
The financing brings Aclaimant’s total funding to nearly $13 million.
Aclaimant’s software helps companies improve the risk and claims management processes after a workplace injury. The platform caters to multiple industries, including construction, manufacturing, staffing, real estate and hospitality.
“We started off building a mobile application that was first designed to make it super easy to let employers report when someone was injured in the workplace,” said co-founder and CEO David Wald. “The real problem we ended up solving is creating additional back office to help businesses be safer and more effectively deal with things that go wrong in the business.”
Before Aclaimant, Wald worked at Baine & Co. as a consultant, and at local VC firm Lightbank as an associate and later as the entrepreneur-in-residence.
Aclaimant is currently in Moderne Ventures’ Passport Program accelerator, which ends in August. The seven-month program mentors real estate, finance, insurance, hospitality and home services startups.
The new funding will help Aclaimant expand, acquire more clients and launch marketing initiatives. The startup also plans to make enhancements to its product and hire more employees. Aclaimant currently employs about 30 people, Wald said.
The team has been working remote since the pandemic began, but the transition was seamless as much of the staff is already remote and spread out all over the U.S., Wald said.
“Our basic premise is to give people a tool to really empower safety and risk groups,” he said. “If you do a better job of being responsive to what’s happening, you can help them keep people safer and create a more enjoyable work environment.”
As published in CHICAGO INNO