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MGT Insurance provides business insurance for small businesses via a tech-driven platform built primarily for brokers. The company leverages industry-leading data and digital underwriting to streamline the insurance process, enabling rapid quoting and policy binding. This approach enhances agent efficiency and delivers a simpler experience for owners seeking commercial coverage.
Co-founders Graham Topol and Michael Topol, brothers with backgrounds in insurance and technology, established the company in 2017. Their insight identified complexities in traditional small business insurance. They aimed to leverage technological innovation, creating a more intuitive and responsive solution for the modern market.
MGT Insurance serves small businesses and their agent partners, offering a reliable carrier solution underpinned by financial stability. The company's vision focuses on continually improving the insurance experience and safeguarding vital assets for business owners across the United States. They strive to deliver the next evolution of commercial insurance, emphasizing ease and simplicity.
MGT Insurance has raised $22.0M across 1 funding round.
MGT Insurance has raised $22.0M in total across 1 funding round.
MGT Insurance has raised $22.0M across 1 funding round. Most recently, it raised $22.0M Series B in October 2025.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Oct 1, 2025 | $22M Series B | Mubadala Capital | Afore Capital, Autotech Ventures, Clocktower Technology Ventures, Convective Capital, FPV Fund, Human Capital, Humba Ventures, Ribbit Capital, Mark Cuban, Tikhon Bernstam, Vivek Garipalli, Tacora Capital | Announced |
MGT Insurance is a vertical AI neo-insurer revolutionizing commercial property and casualty (P&C) insurance for small businesses and their brokers. It builds a full-stack AI platform that integrates data and technology to streamline the insurance process—from data collection to policy issuance—reducing weeks-long timelines to minutes, while operating in both admitted and excess & surplus (E&S) markets across 43 states and D.C.[1][2][3]
The company serves nearly 30,000 small business customers and brokers, solving pain points like confusing, time-consuming legacy processes with AI-driven underwriting, real-time pricing, and simplicity. MGT holds an "A-" (Excellent) financial strength rating from AM Best, has achieved profitability before its second anniversary, quadrupled growth, and reports $3 million in annual recurring revenue per employee. It recently raised $21.6 million in Series B funding to expand AI capabilities and nationwide E&S initiatives.[1][2][3][4]
MGT Insurance was launched in Greenwood Village, CO, by co-founders and co-CEOs Graham Topol and Michael Topol as a two-person experiment to create the world's first AI neo-insurer for the 35 million small businesses and brokers powering the U.S. economy.[1][3] The idea emerged from recognizing the inefficiencies in traditional commercial P&C insurance, aiming to blend cutting-edge AI with industry trust and broker-centric design—fast quoting, clear appetite, and responsiveness.[3]
Early traction was rapid: the company scaled to consistent profitability, strong growth, and its AM Best "A-" rating shortly after launch in 2023, serving thousands of customers and expanding operations nationwide.[4] Pivotal moments include quadrupling growth, achieving high operational efficiency, and securing Series B funding amid leadership hires from Google and high-growth startups.[1][2]
MGT rides the AI transformation in insurtech, targeting the outdated $300B+ U.S. commercial P&C market where small businesses face friction in accessing coverage.[2][3] Timing is ideal amid rising AI adoption for vertical applications, post-2023 launch momentum, and demand for neo-insurers that modernize without sacrificing stability—fueled by Series B capital for E&S expansion.[1][2]
Market forces like digital underwriting needs, broker efficiency demands, and small business growth favor MGT, as it influences the ecosystem by redefining broker-insurer relationships, boosting agent networks, and setting benchmarks for AI-driven profitability in a traditionally slow industry.[1][5] This positions it as a leader in tech-enabled risk solutions, bridging fintech innovation with insurance reliability.[4]
MGT is primed for hyper-scaling with its $21.6M Series B, leadership bench, and AI stack enhancements, targeting full U.S. E&S dominance and deeper broker penetration beyond 30,000 customers.[1][2] Trends like advanced AI modeling, real-time pricing, and regulatory tailwinds for neo-insurers will accelerate its trajectory, potentially redefining small business insurance as the go-to platform.
Its influence could evolve from disruptor to industry standard, empowering brokers with tools that make commercial P&C as seamless as consumer fintech—ultimately protecting more of America's small business backbone through smarter, faster coverage.[1][3]
MGT Insurance has raised $22.0M in total across 1 funding round.
MGT Insurance's investors include Mubadala Capital, Afore Capital, Autotech Ventures, Clocktower Technology Ventures, Convective Capital, FPV Fund, Human Capital, Humba Ventures, Ribbit Capital, Mark Cuban, Tikhon Bernstam, Vivek Garipalli.
