Omaha National Raises $45 Million in Series B Financing
A leading provider of workers’ compensation insurance welcomes a roster of investors to help support the expansion of software development and propel further growth
OMAHA, NE (September 28, 2021) – Omaha National Group, Inc. (“Omaha National”), a leading tech-enabled provider of workers’ compensation insurance and payroll services, today announced a $45 million Series B round led by Accomplice. The company plans to use the funds to support its transition to a full-stack carrier, with Omaha National issuing policies on its own paper while distributing through its extensive agency network. The company will also continue the expansion of its advanced proprietary software.
Omaha National was founded in 2016 by a team of executives with a track record of building successful workers’ compensation businesses at other carriers, including Berkshire Hathaway. They are combining their established strategic approach with new proprietary technology to provide care and support to injured workers while reducing unnecessary costs. Reduced claim costs may lower experience modifiers which can reduce overall costs to clients over time.
“We see an unmet need in workers’ compensation for a company that employs advanced technology to achieve better claim outcomes and superior underwriting results,” said Omaha National President and CEO Reagan Pufall. “We’ve achieved a lot in the past five years but we’re just getting started. We’re excited to welcome our new investors to join us on this journey.”
Investors HighSage Ventures and Tull Investments joined Accomplice in the $45 million Series B round. Agman, a Chicago-based investment firm, remains the principal and founding investor.
“We were drawn to Omaha National’s proprietary technology and their forward-thinking culture,” said Ryan Moore, Founding Partner with Accomplice. “We’re excited to be supporting their efforts to expand their strategy.”
About Omaha National:
Omaha National serves the businesses that build America and keep it running; the small to midsize companies where people work with their hands and have a greater risk of being injured. Our proprietary software enhances our operations to better help our customers and their injured workers, while generating consistently compelling loss ratios. Omaha National offers AM Best A (Excellent) rated workers’ compensation coverage through more than 2,500 agencies. Since our launch in 2016, we have grown to more than 190 employees and over $120 million in program premiums.
Agman leverages its permanent capital base to partner with exceptional entrepreneurs building enduring businesses. Since its humble origins nearly a century ago, Agman has grown into one of the largest family-owned investment firms in the United States, with thousands of employees, activities across the country, and expertise in a range of industries.
Accomplice is a seed-led venture capital firm that embraces risk. Accomplice has been part of the origin story of AngelList, Carbon Black, Coinlist, Currencycloud, FLOW, DraftKings, FalconX, Freshbooks, Integral Ad Science, Hopper, Luna, Near, Orchard, Patreon, PillPack, Plastiq, Recorded Future, SecurityScorecard, Skillz, Veracode, Work Human, WHOOP, and Zoopla.