Evident Raises $10M to Tackle Insurance Risk

Evident Raises $10 Million to Reduce Third Party Insurance-Related Risk for Enterprises

Series C funding round led by Forte Ventures, plus new investor Gaingels, to accelerate growth

Atlanta, GA – August 9, 2022 – Evident, a leading provider of automated third-party insurance verification and credentialing services for enterprises, today announced it has closed a $10 million Series C financing round. This round of funding is led by Forte Ventures with participation from previous investors including: New Enterprise Associates, Aspect Ventures, Blue Cloud Ventures, Lane Bess, and Tom Noonan. In addition, Gaingels, a leading LGBTQIA+/Allies investment syndicate, will invest.

“Third-party networks are growing faster and more complex, increasing risk while making management even more difficult,” said David Thomas, founder and CEO of Evident. “Evident’s insurance verification solution helps risk managers looking to reduce risk in their third-party networks and to do so with more accuracy, speed and visibility. And our automated, SaaS approach is revolutionary for those using costly and error-prone home-grown systems or traditional service providers.”

Evident provides comprehensive certificate of insurance (COI) verification and credentialing services so that enterprises across a myriad of industries may reduce their third-party risk and improve compliance rates. Evident’s secure platform extracts and digitizes data from COIs and evidence of all types, and provides the initial verification as well as ongoing monitoring to detect changes and automate risk decisioning. Evident works with enterprises of all types, including category leaders in grocery, retail, convenience stores, manufacturing, lending and transportation.

“Since their inception, Evident has sought to change the conversation around third-party risk through automated verification,” said Tom Hawkins, founder and managing partner of Forte Ventures. “We are particularly excited about the key strategic relationships they have formed, including their recently announced relationship with NEXT insurance, and how that complements our investment strategy of collaborating with corporate and strategic investors.”

Earlier this year, Evident announced key product milestones that allow for automation of more than 90% of the insurance verification process including document data extraction, verification decisioning, compliance remediation, and insured re-engagement. In addition, Evident recently announced a new partnership with NEXT Insurance, which will connect Evident’s enterprise customers’ vendors with a direct way to purchase the exact coverage they need to demonstrate compliance with the enterprise’s requirements, all through the Evident platform.

“As the largest investor network focused on supporting and investing in the best venture-backed companies that embrace and value diverse leadership, including LGBTQIA+,” said Gaingels Managing Director, Lorenzo Thione. “Gaingels is proud of participating in this financing and is resolved to help Evident grow and scale while strengthening its prospects of success by building a culture that reflects the diversity of its executive teams, staff and customers.”

“Our investors have been instrumental to Evident’s growth and continued innovations,” Thomas continued. “We are excited and humbled to work with such great partners and look forward to the continued growth that their support will enable our team to accomplish.”

Risk managers interested in learning more valuable industry insights from Evident can click here to pre-order a free copy of their upcoming research report, The State of Third-Party Insurance Verification.

About Evident

Evident is the only fully-automated, fully-digital insurance verification solution built from the ground up to reduce enterprise risk, spend, and manual effort. The world’s largest organizations rely on Evident’s game-changing insurance verification and credentialing technology to help them make fast and informed decisions about engaging new vendors, suppliers, franchises, and other third-party partners without compromising their data privacy. Evident is a VC-backed technology startup, headquartered in Atlanta, GA. Learn more at evidentid.com

About Forte Ventures

With offices in Atlanta and Silicon Valley, Forte Ventures is a multi-stage venture capital firm that collaborates and co-invests with corporate strategic partners in technology companies throughout the U.S. and Canada. The team simultaneously focuses on helping entrepreneurs navigate the complexities of corporate investment and on serving as trusted partners to institutional and corporate strategic syndicate partners. For more information, visit www.forteventures.com

About Gaingels

Gaingels is a leading venture investment syndicate in support of and representing the LGBTQIA+ community and allies in the venture capital space. Gaingels also supports its companies with a diverse talent and capital pipeline and provides an internal diverse board member recruitment advisory to help bring more diversity and representation within private boards. Gaingels invests in companies with diverse/LGBTQIA+ founders and C-suite leaders at all stages of growth, as well as in other  high-growth companies resolved on building more inclusive teams. Gaingels is an ardent supporter the Diversity Term Sheet Rider Initiative to increase access to venture funding events for non-traditional check writers, and regularly co-invests with select VC leads across a variety of sectors, from technology, to B2B, healthcare and consumer, in competitive and over-subscribed rounds from Seed to Growth/pre-IPO. For more information visit www.gaingels.com.