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Newfront Announces Investments At $2.2 Bln Valuation Towards Modernizing Platform

Insurance brokerage platform Newfront, on Tuesday announced a $200 million investment from Goldman Sachs Group's (GS) Asset Management arm, B Capital, and other existing investors including Founders Fund and Meritech Capital at a $2.2 billion valuation to modernize its insurance business.

Newfront CEO Spike Lipkin said: "…This investment furthers Newfront's commitment to building the modern platform for clients, insurance professionals, and trading partners."

In addition, the brokerage also plans to invest in specialized client resources and experts across a range of industries across the U.S.

Other major investors in the funding round include Y Combinator, Index Ventures, Bloomberg Beta, XYZ, Susa Ventures, Pruven, Propel, Vetamer, Altai, Tony Xu CEO of Doordash, and others.

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