Harper Secures $47 Million in Landmark Series A Funding Led by Emergence Capital
Harper, an AI-driven commercial insurance brokerage, has successfully raised $47 million, marking the largest Series A round disclosed by a Black founder. This funding will facilitate significant operational enhancements, including hiring and infrastructure investments.
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Harper completed a $47 million funding round in February, combining Seed and Series A investments, with Emergence Capital as the lead investor. The company aims to revolutionize the commercial insurance sector by reducing the application process from weeks to 48 hours.
Founded by Dakotah Rice, who has a background in finance, Harper serves over 6,000 clients, achieving a 98.8% retention rate and $5 million in annual recurring revenue shortly after its 2024 launch. The funding will support the recruitment of engineers and account managers and bolster AI and automation capabilities. This innovative approach addresses long-standing inefficiencies in the insurance industry, potentially reshaping market dynamics and improving client experiences.
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