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AgentSync raises $4.4M for its insurtech compliance service

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Today AgentSync announced that it has closed a $4.4 million Seed round, co-led by Elad Gil and Caffeinated Capital. Other well-known names from the Silicon Valley scene took part in its funding round, including Affirm’s Max Levchin and the podcaster turned VC Harry Stebbings, among others.

The round caught our eye because AgentSync is working in a space that has seen a notable wave of venture interest in 2020 — insurtech, which we’ve covered somewhat extensively — and because it shared hard revenue numbers, which we love.

So let’s talk about how the company’s co-founders Jenn Knight and Niji Sabharwal wound up building software for the insurance market.

AgentSync offers what it describes as “compliance as a service,” helping insurance carriers and insurance agencies track insurance broker licensing data. For companies accustomed to doing this work with spreadsheets, AgentSync offers a faster method, built on top of Salesforce’s platform, saving time and lowering the chance of error.

(Tech firms building on top of Salesforce are having a good year, incidentally.)

The idea for the company was born from Sabharwal’s time at Zenefits.

Sabharwal was an early-employee at the infamous startup. To hear the AgentSync co-founder tell the story, Zenefits grew at an inhuman clip, scaling from 100 employees when Sabharwal joined to over 1,700 a year later.

During its period of hyper-growth, reporting later uncovered, Zenefits did not sufficiently appreciate that it operated in a highly-regulated industry. The resulting compliance mess forced co-founder Parker Conrad from the company, with former Yammer boss David Sacks taking the reins to clean house.

At the time of his takeover, TechCrunch reported that Sacks wrote to Zenefits staff that “compliance is like oxygen,” and that without the company would “die.”

Conrad got fined by the SEC, Zenefits cut staff, and had to re-value itself. Sacks eventually left the company. But behind the headlines Sabharwal described work to rebuild Zenefits in a more compliant fashion from the inside-out. Part of those efforts, he said in an interview, was building software that helped track agent compliance, a project that Zenefits later open-sourced and released.

TechCrunch covered the release at the time, writing that Zenefits had built “a licensing compliance app it created in-house to ensure its sales people are properly licensed to sell insurance in a given state available for free to anyone to download from the Salesforce App Exchange.”

The software integrated with National Insurance Producer Registry (NIPR) data, which the co-founder describes as a source of truth in the insurance market. The software allowed users to confirm that individual agents were compliant. The effort bought Zenefits some kudos with regulators, and, according to Sabharwal, other companies looking to use the software.

From the meeting point of internal software project and external demand, AgentSync was formed, with Sabharwal leaving Zenefits to start his company with his partner, Knight. Knight, who has done stints at Dropbox (Head of Business Technology) and Stripe (Head of Internal Systems), worked part-time at AgentSync before joining the startup full-time this year.

Zenefits signed the IP from the earlier project over to Sabharwal before his team wrote any code for AgenySync, allowing the company to get a clean start.

The insurance market is enormous, lucrative, and old-fashioned. That makes it a prime space to attack. The software also helps groups onboard agents, execute what the startup calls “automatically-generated compliance analysis” to help spot gaps and other data errors.

And AgentSync is seeing traction, scaling to $1.9 million annual recurring revenue (ARR) at the time of publication. The company charges per active agent a customer has, with some price tiering based on scale.

Today the startup has 17 people, and is targeting 22 by the end of the year. (It’s investing in its go-to-market functionality post-fundraising.)

On the personnel side, Knight, the company’s CTO, has built a technical team that is majority women, an unfortunately a rarity in the industry. She also said that she’s “acutely aware of the equity and pay gaps that exist for women and underrepresented groups across the industry.”

I haven’t had the chance to talk to too many denizens from the Zenefits alumni, but what’s fun about AgentSync is that it was born effectively out of an effort to fix what went wrong at the unicorn. And, it’s found a market for that fix. Let’s see how far it can get on $4.4 million.

Source : TechCrunch Read More

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Charge Your Phone Wirelessly With 50% off a Multifunctional LED Lamp

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Best Tech DealsBest Tech DealsThe best tech deals from around the web, updated daily.

White Wireless Charge Lamp | $18 | Amazon | Clip coupon + code ABC88699
Black Wireless Charger Lamp | $20 | Amazon | Promo code ABC88699

When you’re ready to turn in for the night, you don’t want to forget to charge your phone— especially if your mobile device doubles as your alarm clock.

With this wireless charger lamp, you can make this crucial step of your nightly routine even easier by just setting your phone on the wireless charging pad and… well, that’s all there is to it!

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Other functions include multiple lighting modes as well as a sleep timer option for auto shut-off of the light after 30 or 60 minutes.

This lamp can be yours in white for $18 if you clip the coupon on Amazon (it’s below the original $40 price) and add promo code ABC88699 at checkout.

You can snag the black version for $20 using the same code—no coupon though, sorry.

Don’t sleep on this deal! Who knows how long stock or the coupon code will last?

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Keep That Hotdish Hot With 65% Off a Luncia Casserole Carrier, Only $11 With Promo Code

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Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Luncia Double-Decker Dish Carrier | $11 | Amazon | Promo code SDDU9S7F

It has been a long time since the days we could safely have a potluck or other gatherings, but we have a fantastic deal perfect for once those times return. These double-decker Luncia dish carriers can be had for 65% off when you add promo code SDDU9S7F at checkout and clip the coupon on the site (it’s just below the price). These holders fit 9″x 13″ sized baking dishes.

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That means you can insulate and keep two dishes of food warm for only $11 instead of $30. What’s more, your Luncia carrier will arrive by Christmas if you order today as a Prime member.

Just add promo code SDDU9S7F and clip the 5% off coupon to bring the price down to $11 for the blue or the grey option.

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Grab this offer while it’s still around!


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Conquer Your Pup’s Dander and Fur With $700 Off a Cobalt or Charcoal Bobsweep PetHair Plus Robot Vacuum

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Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Bobsweep PetHair Plus Robot Vacuum & Mop (Cobalt) | $200 | Best Buy

Bobsweep PetHair Plus Robot Vacuum & Mop (Charcoal) | $200 | Best Buy

Allergies can be bad enough as the seasons change. Don’t let pet hair and dander add to that by vacuuming it up early and often. That chore is easier said than done— unless you have a robot vacuum to do the work for you. This lovely bright cobalt Bobsweep PetHair Plus robot vacuum and mop, only $200 today at Best Buy seems like an ideal option. That’s a whopping $700 off, by the way.

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You can get the same deal for the charcoal version of the robot vac, too. This model is not only specially made for picking up pet hair, it self docks and charges when it’s finished with the work.

It also comes with a mop attachment, so it can take care of those kitchen floors for you as well. Grab it while it’s still available for this fantastic price!

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