Summit Announces $3.5M Investment to Build the Commercial Brokerage of the Future
Kelowna, BC (Apr. 8, 2024) – Summit is pleased to announce our $3.5M Seed Round of Financing. The momentum generated from this funding is not just a validation of our business model and revenue growth, it reinforces our long term vision: building the commercial insurance brokerage of the future.
We believe broker distribution will continue to be the primary distribution model for commercial insurance, and Summit is reinventing the traditional delivery of this model. The industry is starved for top talent, combined with significant barriers to entry and rapid consolidation, leaving both consumers and brokers buried in excessive paperwork, limited insurance options and a desire for change. It has constrained many skilled insurance professionals to administrative tasks, diverting their time and expertise away from where it matters – our customers.
At Summit, we are building the commercial brokerage of the future: driven by human expertise, fueled by technology. This $3.5 million funding round marks a significant milestone in our journey towards modernizing the Canadian insurance landscape. This infusion of capital, led by IA Capital Group with follow-on investment from Harvest Ventures, not only underscores the confidence in our innovative business model, but will significantly accelerate Summit in executing on our long term vision.
Ravi Shah, Vice President at IA Capital, said, “We are thrilled to be partnering with Josh, Davis and the entire Summit team in the next stage of their growth serving the commercial insurance needs of businesses in Canada. We’ve been incredibly impressed by the traction to-date in one of Canada’s fastest growing retail brokerages.”
We invite those who share our passion for redefining the insurance industry to join us in this exciting journey – to build the Commercial Insurance Brokerage of the Future.
About Summit Commercial Solutions Inc.
Founded in 2022 by Davis Gilbert and Josh Pillsbury, Summit is a national insurance brokerage and risk management firm headquartered in Kelowna, British Columbia shaping the future of commercial insurance through technology-driven risk management and insurance solutions. For more information, please visit www.summitcover.ca.
About IA Capital
IA Capital Group is the leading venture capital firm focusing primarily on insurtech, making strategic venture capital investments on behalf of 20+ carriers, with a more than two-decade track record of successfully partnering with early-stage insurtech and fintech companies.
SOURCE: Summit Commercial Solutions Inc.
Tags: Brokers, seed funding