Harper, an AI-native commercial insurance brokerage, has successfully secured $46.8 million in a combined Seed and Series A funding round. The company, co-founded by CEO Dakotah Rice and CTO Tushar Nair, aims to overhaul the insurance process for small and mid-sized businesses across the United States. This significant capital injection, with the Series A led by Emergence Capital, will fuel Harper's mission to deliver efficient, scalable insurance solutions to an underserved market.
A Founder's Second Act
This venture marks a return to the founder's seat for Dakotah Rice, whose previous company, Poolit, closed in 2023. Rice has spoken candidly about that failure, attributing it to an inability to find a profitable model and the difficulty of accepting defeat. His new endeavor is deeply rooted in personal history, drawing inspiration from his family's own insurance brokerage and their struggles as small business owners.
Despite once vowing to avoid the industry, Rice saw an opportunity to solve the persistent frustrations he witnessed firsthand. He and Nair, formerly CTO of Poolit, initially considered building AI tools for existing brokers before deciding to become the brokerage itself. They named the company Harper, after Rice's mother's maiden name, to honor its familial and entrepreneurial origins.
Revolutionizing Commercial Insurance with AI
Launched in 2024, Harper operates as a fully licensed commercial insurance agency that leverages artificial intelligence to streamline operations. The platform matches businesses with over 160 carriers for needs like workers’ compensation and general liability. This technology drastically cuts down processing times, enabling businesses to secure coverage in 24 to 48 hours instead of the weeks typical of traditional methods.
Harper's proprietary AI models handle the complex, judgment-heavy work that traditionally slows down the insurance process. This includes automating submission routing, underwriter follow-ups, document collection, and overall pipeline management. As a result, the company can service over 1,000 customers monthly and has already supported more than 5,000 businesses since its inception.
Targeting the Heart of the Economy
The company is strategically focused on serving the businesses that form the backbone of the American economy. Its target clients include manufacturers, healthcare providers, daycares, restaurants, and transportation fleets, which often face complex risks. By owning the customer relationship, Harper provides a level of service and expertise previously reserved for Fortune 500 companies.
This funding round is also a landmark achievement, representing the largest publicly disclosed Series A ever raised by a Black founder. While this milestone expands what is possible for underrepresented founders, Rice emphasizes the capital was earned through the company's robust performance and innovative model. This combination of social impact and business acumen sets Harper apart in a fragmented and often antiquated industry.
Future Ambitions and Strategic Investment
The new capital will be strategically deployed to accelerate growth and enhance the company's technological edge. Key priorities include expanding the engineering and operations teams to scale service delivery. Additionally, the funds will be used to deepen relationships with insurance carriers and further invest in the AI infrastructure that powers the platform.
Looking ahead, Harper's vision extends far beyond its current offerings in the insurance sector. The founders aim to position the company as a central hub for entrepreneurs, managing a wide array of back-office functions related to risk and compliance. Their ultimate goal is to simplify the administrative burden on business owners, allowing them to focus on their core operations.
With its substantial new funding and a clear, technology-driven strategy, Harper is poised to make a significant impact on the commercial insurance landscape. By applying AI to solve real-world problems for small and mid-sized businesses, the company is not just building a brokerage but a comprehensive support system for entrepreneurs. Its rapid growth and ambitious vision signal a new era of efficiency and accessibility in a vital industry.