MGT Closes $21.6M Series B to Modernize Small-Business Commercial P&C
MGT, an AI-native neo-insurer focused on small-business commercial P&C, closed an oversubscribed $21.6 million Series B. The round was led by Mubadala Capital with participation from Clocktower Ventures, Tacora Capital, and existing investors. Funds will advance R&D, deepen vertical AI capabilities, and scale national Excess & Surplus (E&S) growth initiatives.
"This raise marks a pivotal moment for MGT as we scale to meet the growing needs of agents and small businesses nationwide," said Michael Topol, Co-Founder and Co-CEO. "By building MGT as a vertically AI-native company from the ground up, we've proven that automation and AI can drive meaningful efficiency."
Why this matters for brokers and carriers
Small-business commercial lines still suffer from slow submissions, unclear appetite, and heavy back-and-forth to bind. MGT's full-stack approach integrates data, underwriting, and policy administration to compress a process that often took weeks into minutes. The company is building for agent utility: faster quoting, clearer rules, and consistent service.
- Submission to quote: AI-driven intake and triage to route, score, or decline quickly.
- Speed and transparency: clearer appetite guidelines and fewer manual hurdles.
- Service at scale: automation to handle endorsements, COIs, and renewals with fewer email loops.
- E&S expansion: broader risk appetite where admitted markets fall short.
By the numbers
- Nearly 30,000 customers served.
- Growth quadrupled since launch; profitable before the second anniversary.
- $3 million in annual recurring revenue per employee.
- "A-" AM Best rated carrier with national presence in admitted and E&S markets.
Investor perspective
"MGT's approach introduces a new model for small business insurance with technology that truly matters," said Ben Savage, partner at Clocktower Ventures. "We believe MGT's AI-native platform will redefine commercial insurance and create a significant impact for brokers and businesses alike."
Founders' take
"Insurance is the unsung hero of the American economy, enabling entrepreneurs to take risks and pursue new opportunities," said Graham Topol, Co-Founder and Co-CEO. "Our growth over the last two years shows what can happen when you combine exceptional people with modern technology."
What to watch next
- Product velocity: deeper vertical AI models to improve straight-through processing.
- E&S footprint: broader appetite and distribution in non-admitted lines.
- Underwriting outcomes: rate adequacy, loss selection, and discipline at scale.
- Capacity and compliance: reinsurance partnerships and multi-state filings as growth accelerates.
- Broker enablement: cleaner APIs, faster endorsements, and real-time status visibility.
Learn more at mgtinsurance.com. View the source announcement on Business Wire.
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