Property insurance technology startup RoofMarketplace Inc. recently raised $1.1 million in seed funding and is establishing a Milwaukee office as it prepares for rapid growth, according to the Whitewater-based company.
Madison-based Rock River Capital Partners LLC and Peter Gunder, a partner at American Family Ventures, led the round, according to a June announcement.
RoofMarketplace also signed a lease that starts in July for a private office in Ward4, a co-working space at 313 N. Plankinton Ave. in Milwaukee, RoofMarketplace CEO William Bazeley said Tuesday.
RoofMarketplace is an online platform that connects property insurance carriers with contractors that bid to settle roofing claims. It uses aerial imagery to scope jobs, enabling roofers to bid without visiting the property.
Although Bazeley and his two co-founders started RoofMarketplace around eight years ago, 2020 was a “breakout year” for the startup, he said. The company grew from four to 17 employees and was profitable.
RoofMarketplace is on track to double its revenue in 2021 and again in 2022, Bazeley said, but he declined to disclose revenue numbers.
The company’s growth was accelerated by mentorship through Creative Destruction Lab (CDL) Wisconsin, the local branch of a nine-month global entrepreneurship program for seed-stage, high-growth potential startups. In 2020 and 2021, RoofMarketplace participated in CDL’s first risk cohort, which operates through the University of Wisconsin-Madison with sponsorship by American Family Insurance.
“It really helped us figure out our funding strategy and where we wanted to go,” Bazeley said.