Kalepa raises $75M Series B at $470M valuation

What did Kalepa announce?

Kalepa announced a $75 million Series B on Nov. 5, 2026, at a reported $470 million valuation. The New York-based insurance AI startup said the round was led by Updata Partners, with existing investors IA Ventures and Inspired Capital also participating.

Reuters reported the valuation and deal terms, while Morningstar, carrying a Business Wire release, said the financing brings Kalepa's total capital raised to $91 million after a $14 million Series A in 2021. AlleyWatch likewise said the company has now raised $91 million in total.

What does Kalepa's platform do?

Kalepa sells software for insurers and managing general agents that is built around underwriting, pricing and portfolio management workflows. The company says its AI agents coordinate work across those functions while keeping people in the loop for verification and for decisions that are more complex or higher risk.

The platform gives underwriters a single workspace that combines research, data and guidelines and flags missing information, according to AIPressRoom. AlleyWatch said Kalepa started with underwriting and operations and is now expanding into pricing and portfolio management. The company describes the product as "Professional Grade AI for insurance." Kalepa also says it uses value-based pricing tied to the book of business it supports and the outcomes it delivers.

Which customers and operating metrics did Kalepa disclose?

Kalepa named W.R. Berkley, Bowhead Specialty and AmRisc as customers. Reuters also reported those customers.

The company said revenue and customer count tripled over the past year, and AlleyWatch said the amount of work running through the platform grew fourfold. Kalepa also said customers using its platform reported more than 30% to 60% higher premium per underwriter and quotes that were 58% faster, while AIPressRoom said quote delivery was 30% to 60% faster. Reuters noted that those performance figures were company-reported or customer-reported claims, not independently verified benchmarks.

How will Kalepa use the new capital?

Kalepa said it plans to use the money to expand its AI product suite, enter new markets and hire more aggressively. Reuters reported that the company expects to double its headcount in 2027, and AlleyWatch said the new capital will support product development, hiring and international expansion.

AlleyWatch also said a near-term priority is broader deployments, new customer relationships and further expansion in Europe. The company said it has recently hired senior leaders with experience at Affirm, Addepar, Palantir, Block and Shopify, and that it is adding engineering, AI and commercial talent.

Kalepa said it had remained cash-flow positive for more than two years and had not raised capital since 2021 before this round. Kalepa says it targets the insurance industry, which it describes as a $7 trillion global market, initially focusing on property and casualty insurance.