SmartPay Solutions Raises $1.4 Million in Series A Funding
A leading provider of pay-as-you-go workers compensation solution for payroll companies, insurance agents and insurance companies, SmartPay Solutions, has recently announced that Connecticut Innovations (CI), the state’s quasi-public authority responsible for helping businesses grow through innovative financing and strategic assistance, and Tennant Capital Partners has come along with a follow up investment of up to $500,000 in SmartPay.
The investment round of $1.4 million also included Stonehenge Growth Capital as well as the company’s chief executive officer and chief financial officer. This funding round allows SmartPay to strengthen its executive leadership and scale its operations and organization to meet strong market demand. The company previously raised $1.3 million.
“SmartPay has shown how it can expedite pay-as-you-go workers’ compensation processes for payroll companies, insurance agents and companies,” said David Wurzer, executive vice president and chief investment officer of Connecticut Innovations. “This investment will help the company scale its operations and network, and allow more agents, payroll providers and insurance carriers to take advantage of cloud-based software that streamlines processes and expedites transactions.”
The SmartPay Network of payroll companies, insurance agents and carriers and other service providers is a robust, independent and fully integrated pay-as-you-go marketplace for one of the fastest-growing and in-demand segments of the workers compensation insurance market. At the core of the SmartPay Network is the company’s proprietary cloud-based transaction processing software.
In conjunction with the funding round, the company also announced the appointment of Stephen Holcomb as chief executive officer and Robert Conerly as chief financial officer.
Holcomb has experience leading several companies in the insurance services and technology markets, which include startups, venture capital-backed early stage companies, private equity-backed later stage firms and wholly owned corporate subsidiaries. Most recently, he was chief executive officer of ClearCycle Corporation and was previously chief executive officer of Full Capture Solutions, Inc. and president of Trumbull Services LLC. He will join the Board of SmartPay. Holcomb has a Master of Business Administration degree from the University of Connecticut and a Bachelor of Science degree in accounting from Bentley University.
Conerly has held executive roles at startups and venture capital-backed early stage companies. Most recently, he was chief financial officer at Melinta Therapeutics (formerly Rib-X Pharmaceuticals), and previously held the same position at Pharmion Corporation. He held management positions at AstraZeneca and PricewaterhouseCoopers. Conerly has a Master of Business Administration degree and a Bachelor of Science degree in business administration from the University of Missouri.
“We are very pleased with the addition of these talented individuals, both of whom have significant early stage experience,” said Robert Sargent, managing director of Tennant Capital Services. “The company has a terrific pay-as-you-go workers compensation solution for its customers, and Steve and Bob will build on this as the company rolls out and expands the SmartPay Network.”