Chicago-based Snapsheet has raised $12 million to streamline the process after car accidents. The company has built a mobile application that surveys the vehicle damage and serves as a virtual appraiser.
The latest round of funding is led by Tola Capital and comes just months after a $20 million Series C.
“Snapsheet’s virtual claims platform streamlines and simplifies the claims handling process for everyone – the carrier, the customer and the repair shop,” Sheila Gulati, managing director at Tola Capital says about why she invested.
Co-founder CJ Przybyl said that they’ve been getting a lot of funding opportunities because they “invented the category.” It not only saves time for the car owners, but it also benefits insurance companies.
Snapsheet allows the insurance businesses to offer a “white label self-service mobile app,” he explained. While some of them, like Allstate, have opted to create this themselves, Snapsheet has managed to convince 45 insurance carriers to work with them.
Snapsheet makes money by charging for each estimate they provide. They’ve been hiring former appraisers to inspect the photos submitted via the app from home.
Przybyl says they will be using the funding to improve their machine learning capabilities. They’ll also be expanding internationally.
And while they’ve raised a lot of capital, they’re “not planning on an IPO,” he said. At the moment, Przybyl is “not sure what our exit plans would be.”