Exton, Pa. — iPipeline, a provider of on-demand sales distribution software and services to the insurance and financial services markets, reports completion of its $18 million Series A financing, led by NewSpring Capital of Radnor, Pa., and Fidelity Ventures of Boston. iPipeline's management team also participated in this financial venture.

The company plans to use this funding to expand its sales and marketing effort with both carriers and distributors, to develop additional point-of-sale capabilities for agents and to make select tuck-in acquisitions to extend the depth of the offering.

Mike DiPiano, managing partner at NewSpring comments, "iPipeline is well positioned in the insurance technology market to take advantage of the continued shift away from selling insurance through captive to independent agents. As a result, with the significant increase in these independent agents now selling policies, there's a greater need for straight-through processing across a complex value chain."

Roger Hurwitz, partner at Fidelity Ventures, says, “iPipeline provides a compelling value proposition to all market constituents with its content-form repository and technology delivered in an on-demand environment. With iPipeline's distribution reach, we believe the company is well positioned to meet the needs of an underserved insurance industry. We look forward to assisting them with their next phase of growth."

The company, which recorded 400% growth over the past five years, has attracted more than 100 carriers and 700 distributors on its hosted platform.

Source: PRNewswire

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