AUSTIN, Texas - February 28, 2011 - ProspX, Inc., developer of the first on-demand search and sales collaboration platform for the commercial insurance industry, today announced that it has completed an $8 million round of Series B funding to further accelerate the company’s impressive growth and customer success. The funding round was led again by Adams Capital Management with participation from other investors such as HPI Real Estate Services and Investments (HPI). With the $8 Million investment, ProspX has now raised a total of $14.5 Million.
“ProspX has built a proven revenue model and efficient software-as-a-service business resulting in satisfied customers and strong company growth,” said Martin Neath, general partner, Adams Capital Management. “We are very excited about the momentum the company is experiencing and believe that the additional capital gets ProspX that much closer, faster to transforming this important industry.”
ProspX develops the industry leading solution for managing the complex, multi-party sales process of the $500 billion commercial insurance industry. The Software-as-a-Service (SaaS) platform combines enterprise search, social networking, and sales collaboration technology to automatically connect commercial insurance agents, brokers, and carriers at the initial point of a business opportunity, as well as throughout the sales cycle.
There are 4,000 brokers and more than 16,000 carrier underwriter specialists currently represented in the ProspX network. Additionally, the company continues to build on the successful adoption of its collaboration platform with the announcement of InsiderConnect™, a unique electronic marketing offering and the first of its kind in the industry.
“With the support of our investing partners and our talented team we can continue our mission to transform the often manual and inefficient business of commercial insurance,” said Todd Young, president and CEO of ProspX. “This investment is a great vote of confidence in our company, and we plan to use the funding to continue developing world class solutions that help our agency and carrier partners harness the best relationships, intelligence, and resources available for their clients.”
About Adams Capital Management
Established in 1994, Adams Capital Management (ACM) is a national venture capital firm with $815 million under management. ACM is a lead Series A investor that is noted for its domain and operations expertise in the information technology, networking infrastructure and semiconductor industries. ACM's discontinuity-driven investment strategy targets emerging growth companies with disruptive technologies that yield innovative products with the potential to define and dominate their categories. For more information, please visit www.acm.com.
About HPI Real Estate Service and Investments
HPI Real Estate Services and Investments (HPI), a full-service real estate company serving Austin, San Antonio, and the surrounding Central Texas areas, provides a comprehensive set of commercial real estate assistance: leasing, management, development, and consulting support. From roots as a development company to its transition to an industry-leading commercial real estate company, HPI manages more than 10 million square feet of office space, industrial buildings and retail properties, with an additional $700 million in development underway. For more information, please visit www.hpitx.com.
ProspX, Inc. develops the industry leading social business platform for managing the complex, multi-party sales process of the $500 billion commercial insurance industry. Built for the commercial insurance industry by insurance professionals, the ProspX platform gives brokers quick and easy access to the critical information and resources relevant to the new and renewal business they are working on, while allowing carriers the ability to elevate their message for increased visibility at the initial point of an opportunity. For more information, please visit us at www.prospx.com, follow us on Twitter at www.twitter.com/prospx and like us on Facebook at www.facebook.com/prospx.
ProspX is a trademark of ProspX, Inc. All other company and product names mentioned are used only for identification and may be trademarks or registered trademarks of their respective companies.