MGT has closed an oversubscribed $21.6 million Series B funding round, led by new investor Mubadala Capital with participation from Clocktower Ventures and Tacora Capital alongside existing investors — a milestone for the first AI-native neo-insurer for small commercial property and casualty, built from the ground up for independent agents.
The new funding supports research and development, deepens MGT's vertical AI capabilities, and expands the company's Excess & Surplus (E&S) growth initiatives across the country.
"This raise marks a pivotal moment for MGT as we scale to meet the growing needs of agents and small businesses nationwide with the support of investors aligned with our mission," said Michael Topol, Co-Founder and Co-CEO of MGT. "By building MGT as a vertically AI-native company from the ground up, we've proven that automation and AI can drive meaningful efficiency, scaling quickly with limited headcount and focusing on strategic impact and innovation."
Legacy commercial insurance processes have not kept up with what small businesses need — obtaining coverage and service remains confusing, burdensome, and time-consuming. The core principles of insurance are unchanged, but the operations behind them are being rebuilt around AI, and MGT is re-architecting the model to deliver simplicity and transparency, with a real underwriter behind every policy.
"MGT's approach introduces a new model for small business insurance with technology that truly matters," said Ben Savage, partner at Clocktower Ventures. "We believe MGT's AI-native platform will redefine commercial insurance and create a significant impact for brokers and businesses alike."
MGT's combination of deep insurance expertise and proprietary AI has enabled it to serve nearly 30,000 customers, quadruple its growth, and reach profitability before its second anniversary — with the efficiency to deliver $3 million in annual recurring revenue per employee.
"At MGT, we see insurance as the unsung hero of the American economy, enabling entrepreneurs to take risks and pursue new opportunities. We provide the financial protection that empowers small businesses to grow and innovate," said Graham Topol, Co-Founder and Co-CEO of MGT. "I couldn't be prouder of the team and what we're building together. Our growth over the last two years is a testament to what can be accomplished when you combine exceptional people with modern technology. Overall, we are proving you can change an industry faster than anyone thought possible."
For media inquiries, please contact:
Maddie Hirsch
Caliber Corporate Advisers for MGT Insurance
mgtinsurance@calibercorporate.com
