Why We Invested in Outmarket
Since our founding, we’ve taken a thoughtful approach to relationship building. It has always been important for us to get to know founders at the earliest stages so that we have visibility into the business and can cultivate a long-term relationship.
We formalized this approach with the launch of our exploratory strategy in 2022, when valuations soared, and competition for financing rounds increased. The strategy enables us to write smaller checks out of our core fund vehicles to very early-stage companies, often before they have revenue – and in some cases, before they have a product. We recognized the value in engaging with founders early and often, which enabled us to gather information about the business over time while simultaneously helping early-stage founders in their commercial and team-building endeavors, with the ultimate goal to be well-positioned to lead or pre-empt a future round. Along the way, we’ve learned to prioritize repeat founders and develop a strong syndicate of pre-seed co-investors so that we can ideally “earn the right” to invest more in the company over time.
Our investment in Outmarket is a great example of our exploratory strategy at work. When we first met Vishal and Anshu, they had a strong vision and concept, but the company hadn’t been incorporated, and the product itself didn’t exist yet. However, we believed Vishal and Anshu were the right people to solve this problem, and we agreed with their thesis that AI can eliminate the countless manual inefficiencies that have prevented brokers, MGAs, and wholesalers from scaling their distribution efforts. We made our initial investment in 2023 and have continued to support the business through its rapid growth.
Outmarket has made tremendous progress solving a longstanding industry problem. An estimated 80% of commercial insurance transactions still rely on email, PDFs, and manual data entry, leading to inefficiencies, missed revenue, and slow response times. To put it simply, brokers are spending the majority of their time on administrative work when they could be selling. Outmarket solves that problem by using AI to connect and automate workflows, generate quote comparisons and proposals, identify coverage gaps, and verify policies against original quotes and applications. What’s more, Outmarket transforms fragmented data into actionable insights, enabling brokers to ask questions in natural language and receive instant visibility into performance trends. The company’s AI also analyzes patterns, customer behavior, and market trends to identify potential cross-selling and revenue optimization opportunities.
Since launching in March 2025, Outmarket’s ARR has increased 5X year over year, and market adoption has been extraordinary.
More than 250 of the world’s top insurance brokerages now rely on Outmarket daily to process millions of quotes, policies, applications, and loss run documents. Cumulatively, Outmarket’s customers are eliminating over a decade of manual work each month.
As investors, we see the biggest opportunities in early-stage AI-native companies that are solving problems in mission-critical workflows while building durable moats. Outmarket is doing just that, and we believe they are well-positioned to have a transformative impact on the insurance industry. We’re proud to have been an early investor in the company, and we’re excited to continue to support the business.
