Insurance broker Newfront draws $2.2 bln valuation with Goldman Sachs investment


San Francisco-based insurance technology provider Newfront said Tuesday its valuation now tips the scale at $2.2 billion with a $200 million investment from the growth equity business within Goldman Sachs Asset Management and B Capital, with participation from existing investors including Founders Fund and Meritech Capital. Newfront, which employs 800 people and operates an insurance brokerage technology platform, is led by co-founder and CEO Spike Lipkin and Kurt de Grosz, executive chairman. Paul Pate, vice president within Goldman Sachs Asset Management, led the deal for the unit of Goldman Sachs Group Inc. GS, +1.09%. Y Combinator, Index Ventures, Bloomberg Beta, XYZ, Susa Ventures, Pruven, Propel, Vetamer, Altai, Doordash CEO Tony Xu also invested in Newfront.

Source: Marketwatch

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