Kalepa Raises $75M in Series B Funding Led by Updata Partners

Kalepa, an NYC-based provider of a professional-grade AI solution for insurance, has raised $75 million in a Series B funding round, bringing the total amount to $91 million.

The round was led by Updata Partners with participation from IA Ventures and Inspired Capital.

The company plans to use the funds to expand its AI product suite, enter new markets and double its team size in 2027.

What is Kalepa?

Founded in 2018, Kalepa develops AI software that helps insurance companies manage operations, underwriting, pricing and portfolio decisions.

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Its platform uses AI agents to handle and coordinate different insurance workflows. The technology adjusts to changing conditions and assigns tasks based on their complexity and risk. Human employees remain involved when their expertise or approval is required.

The platform also verifies its results so that decisions can be tracked and audited. This helps insurers manage more business while improving how they assess and select risks.

Kalepa serves global and regional insurance carriers, managing general agents (MGAs), reinsurers and programme administrators.

How Much Funding Has Kalepa Raised?

Kalepa has raised $91 million in total funding following its $75 million Series B round.

Its previous funding round was a $14 million Series A in 2021, led by Inspired Capital with participation from IA Ventures.

Who Invested in Kalepa’s Series B?

The Series B round was led by Updata Partners.

Existing investors IA Ventures and Inspired Capital also participated in the round.

Why the Funding Matters

Kalepa will use the new capital to expand its AI product suite and enter additional markets.

The company also plans to double its workforce in 2027 to support product development and business expansion.

Who founded Kalepa?

Kalepa was founded in 2018 by Paul Monasterio. The company is headquartered in New York City.

Over the past year, Kalepa has also strengthened its leadership team. Garrett Schlesinger joined as Chief Technology Officer after spending 12 years at Affirm. Other senior leaders include Chief Revenue Officer David Meister, Head of Product Audrey Howell and Head of Talent Tim Khoo-Jones.

“Insurance runs on the judgment of experienced professionals, and our Professional Grade AI is held to that same standard, ” said Paul Monasterio, co-founder and CEO of Kalepa. “That means insurers can look at each task and ask who does it best, and at what cost. Sometimes that’s AI and sometimes it’s a person. When insurers get that division of labor right, their people’s attention can go to the complex risks, close calls, and broker relationships that need it.

Market and Business Growth

Kalepa reported strong growth in the use of its platform over the past year, with the volume of work processed through its system increasing fourfold.

According to the company, insurers using its platform have reported 30% to 60% more premium per underwriter, a 58% reduction in quote time, a 960-basis-point improvement in combined ratio and twice the quote-to-bind rate.

These results reflect the company's focus on helping insurers improve productivity and make better risk decisions.

What Happens Next?

Kalepa plans to expand its AI products, enter new markets and double its team size in 2027.

The company will continue developing its platform to help insurers manage more workflows using AI while keeping human expertise involved in important decisions.

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