Serious Social Media Secures Additional Funding from GIA Investors
Staff Writer | October 19, 2016
Serious Social Media, developer of the automated social media marketing solution InsuranceSocial.Media, and a 2016 graduate of the Global Insurance Accelerator (GIA) program, announces the company has secured second-round funding led by Grinnell Mutual Reinsurance Company.
Grinnell Mutual was also one of the founding investors in the GIA, which as a group acquires an initial financial stake in startups going through its program. This latest investment in Serious Social Media is independent of the GIA.
“These early-stage investments confirm our product meets an urgent need in the insurance industry,” says David Beall, Serious Social Media CEO. “These funds have accelerated our timeline for growing our staff, broadening our marketing efforts and onboarding customers.”
InsuranceSocial.Media is the flagship product of Serious Social Mediaand was selected as part of the GIA’s second cohort, which ran from January through May 2016. Launched in July, InsuranceSocial.Media not only provides personalized, relevant and engaging content, but also posts that content—along with carrier content—automatically to agents’ social media platforms. The solution’s tiered subscription plan makes it easy for agents and brokers to match the level of service to their marketing needs.
“Many of our independent agents are eager to market through social media, but do not have the staffing or resources to keep an active social media presence,” says Kurt Eaves, Grinnell Mutual’s vice president of underwriting and production and a GIA mentor. “Serious Social Media provides a great solution to this dilemma, and we’re proud to have taken the lead in their seed investment round. It will allow our independent agents to have a necessary and effective communication tool—a robust social media presence.”
The $700,000 round also includes funding from the IMT Group, another original investor in the GIA. The GIA is a business accelerator focused on developing and growing innovative insurance-centric startups. Now in its third year, the GIA is backed by insurer investors from across the U.S., but is based in Des Moines, which is home to more than 80 insurance companies and tens of thousands of insurance professionals.
“As we look back on our time at the GIA, it’s remarkable how much progress we were able to make,” Beall says. “The GIA opened so many doors—to mentors, whose feedback helped us refine our product, and to future customers and investors. Quite simply, we would not be where we are today if it weren’t for the GIA.”
Serious Social Media is the second GIA graduate to receive additional funding from insurers involved in the GIA program. In March, Drive Spotter secured funds from a group of investors, including Grinnell Mutual Reinsurance Company.
“Our founding investment in the Global Insurance Accelerator has provided us with the opportunity to be on the cutting edge of insurtech,” Eaves says. “With this investment in Serious Social Media, we have now taken the lead on two tech startups with great business potential in the property-casualty insurance space.”
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