Newfront, the brokerage that merged with ABD Insurance and Financial Services, notched a $2.2 billion valuation in its latest funding round from investors including Goldman Sachs Group Inc.’s asset manager. The company raised $200 million from investors including the growth equity business within Goldman Sachs Asset Management and B Capital, Newfront said Tuesday in a statement. The San Francisco-based company expects the money to help build its technology platform and expand geographically.
“We see this as huge validation of the merger between Newfront and ABD,” Spike Lipkin, Newfront’s co-founder and chief executive officer, said in an interview. “We’re seeing a huge pull from our clients for a more modern solution and we think that this funding from Goldman Sachs and B Capital really establishes Newfront as the leader of building the modern platform for insurance professionals.”
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