Mequon-based Swirl Insurance Services LLC has so far raised $100,000 of its up to $1.5 million convertible note funding round.
The company, a technology platform that uses artificial intelligence to provide insurance quotes to new homeowners, was established in February by Terry Wakefield of The Wakefield Co. LLC. The company was a top 12 finalist in the 2018 Governor’s Business Plan Contest, where it announced its funding round last week.
“We have committed $1.25 million, and there is a third investor that has expressed strong interest in investing an additional $250,000, which would take the convertible note raise to $1.5 million,” Wakefield said. “We don’t want to raise any more than that because we don’t need any more than that.”
Wakefield and his business partner have already invested $800,000 in bootstrap capital into Swirl Insurance. He expects the company to have about $2.5 million in 2018 revenue. Read the full story here.
Read the Milwaukee Business Journal story here.