Chicago, Illinois -- December 9, 2013 -- Snapsheet has announced $10 million in Series B funding. Series B funding is the second round of financing for a business by private equity investors or venture capitalists.
In addition to the funding, the Chicago-based company announced the addition of David Bauer, a 30-year insurance technology industry veteran, to its executive team as Chief Operating Officer. According to a statement from Snapsheet, the company offers â€œthe first self-service mobile application suite for helping insurers reduce the cycle time and cost per claim through estimation by photo.â€
The company was originally called BodyShopBids and was focused on consumers, targeting them with a mobile app they could use to take pictures of their vehicles after a collision. The app would upload the photos, where collision repair centres could bid on the repair work. However, the company soon shifted gears towards partnering with insurers, as most repairs are insurance-pay, rather than consumer-pay. You can see more about the original launch of BodyShopBids here.
"For the past two years, Snapsheet has alleviated a pain point for insurance carriers by simplifying and speeding up the claims process, and this new round of funding will help us continue to innovate," said Brad Weisberg, co-founder of Snapsheet. "With David's expertise, we can scale even more rapidly and add more insurance companies to our app portfolio."
Bauer will join a growing team to lead day-to-day operations and help the company continue to scale. Prior to Snapsheet, Bauer was the Chief Information Officer and senior vice president of corporate development of Copart, the salvage vehicle auction company.
While at Copart, Bauer led the development of technology that helped grow revenue from $50 million to almost $1 billion. He also led Copart and USAA through the first successful salvage transaction over CIECA standards, patented the online VB2 bidding method, and expanded bidding to over 1.5 million cars per year.
"Throughout my career, I've built systems for the insurance industry, learning firsthand the many steps involved in integrating successfully with insurance companies," said Bauer. "I'm impressed by the Snapsheet team's ability to revamp an entire organization's claims process in just a month with zero integration. The Snapsheet team has the vision and passion it takes to bring mobile technology to an industry that is craving it."
Snapsheet plans to use the $10 million round of funding to add technology and insurance talent to their growing team in Chicago.
To learn more about Snapsheet, visit snapsheetapp.com.