Our investment in Comulate

Imagine listening to a CFO of a company with hundreds of millions —  or even billions —  in revenue lament that they aren’t sure if they actually received the total amount of revenue that they’re owed for the quarter. Imagine finding out that dozens —   or even hundreds —  of people are required to accurately record receivables each month. These CFOs spend so much time closing their books, that their strategic projects sit on the back burner. They feel like they’re “flying blind” when it comes to forecasting their next quarter or year. These CFOs aren’t living in middle earth…

… instead, this describes the daily experience of many finance leaders in the multi-trillion dollar insurance industry. Enter Comulate. We’re thrilled to announce our investment in Comulate, the revenue automation and intelligence platform built for insurance. Comulate’s software automatically processes thousands of uniquely formatted carrier statements with 100% accuracy. It combines intelligent document processing, domain-specific reconciliation algorithms, and robust business intelligence into a single platform. It’s rare to see a single software solution that can both auto-reconciles upside-down, 2000 page PDFs and, within seconds, turns them into rich cohort data on tens of millions of policies.

Insurance startups of the last decade were defined by taking on established incumbents. Comulate brings a fresh perspective, partnering with incumbents foundational to the long-term insurance industry, including top brokers like IMA, Heffernan Group, and more. These customers have been moved by Comulate’s product, having a visceral reaction to a product that magically solves decades-old pain points when nothing else seemed it would.

When I first met with founders Jordan and Michael, I was struck by the depth of their curiosity and understanding of the customer and pain points from an industry they had somehow waltzed into just months prior. They’re the epitome of being customer- and problem-driven. As we’ve watched them execute, it’s clear that Jordan’s deep workflow chops, honed building Asana’s product from Series-C to IPO, combined with Michael’s engineering talent building financial software as the 10th hire at Brex, make them the founders for the job.

And they’ve shown it: the immense value Comulate's delivering to its customers has propelled the company to achieving coveted ARR milestones at record speed – no less impressive in an industry of rightfully skeptical buyers and a tech stack that’s hard to penetrate. In addition to putting the numbers on the board, over our year-long partnership with Comulate, the team’s initial kernel of an idea grow into a rapidly expansive vision. We believe this vision will redefine revenue accounting throughout one of the world’s most important industries: insurance.

Results like these are a result of intentional team and culture building. Jordan and Michael have built an opinionated culture, one that’s driven by unique alignment and shared purpose. This has positioned them as a magnet to top talent (they’re hiring!) and enabled them to earn the trust of some of the industry’s most respected customers.

We couldn’t be more excited to deepen our partnership with the Comulate team and a stellar group of co-investors, including Zach Perret, Jim Hackbarth, Jonathan Crystal, Josh Motta, Robby Allen, Michael Tannenbaum, Oliver Jay, Sarah Smith, Josh Motta, Qasar Younis, Jackie Bavaro, and more. Welcome, Comulate!