- Companies
- Federato
Federato Valuation, Funding & Investors
Federato is valued at $125M as of June 2023.
Last Federato valuation
$125M
Series B · Jun 2023
Last Federato funding round
$100M
Series D · Nov 2025
Cumulative funding Federato raised
$180M
across 4 funding rounds
Key investors in Federato
Pear VC
Emergence Capital
Caffeinated Capital
StepStone Group
Goldman Sachs Asset Management
John Raguin
About Federato
Federato is a San Francisco-headquartered insurtech provider of the RiskOps AI underwriting platform for property and casualty insurers. Its federated data architecture unifies internal and external sources for real-time portfolio insights on risk accumulation and winnability. Agentic AI generates explained quotes in minutes, supported by a Control Tower dashboard, broker portal, and compliance controls within a modern quoting interface.
Founded
2020
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$125M (Jun 2023)
Federato Valuation
Federato is currently valued at $125M, based on its Series B in June 2023.
The $25M round was led by Caffeinated Capital, with participation from Pear VC and Emergence Capital.
Federato valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2023 | Series B | $125M |
Federato Funding History
Federato has raised a total of $180M across 4 funding rounds.
Federato's first fundraising round was a $15M Series A in September 2022. The most recent completed round was a $100M Series D in November 2025.
Federato funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2025 | Series D | Goldman Sachs Asset Management (lead); Pear VC; StepStone Group; Emergence Capital; Caffeinated Capital | $100M | - | Federato, a San Francisco-based AI-native insurance platform founded in 2020 by CEO Will Ross and CTO William Steenbergen, raised $100 million in a Series D funding round on November 18, 2025, led by Growth Equity at Goldman Sachs Alternatives, with participation from returning investors Emergence Capital, Caffeinated Capital, StepStone Group, and Pear VC. The round brings the company's total funding to over $180 million, following a $40 million Series C in November 2024. The platform spans the full insurance policy lifecycle, handling midterm endorsements, renewals, policy extensions, premium audits, and using AI to evaluate and rank submissions in real time for underwriters, positioning it as a shift from legacy 'Old Core' systems to AI-native software amid mainstream adoption of agentic AI. The funding will support continued product innovation, global expansion, and meeting rising demand in the property and casualty (P&C) insurance sector. Sources highlight Federato's delivery of step-change ROI and efficiency compared to prior core systems, with measurable results for insurers. The company has tripled its revenues in the last year through new customer growth and client expansion since the Series C. Goldman Sachs Alternatives, part of Goldman Sachs Asset Management with $3.5 trillion in assets under supervision as of September 30, 2025, emphasized Federato's domain and AI expertise in their diligence. Growth Equity at Goldman Sachs has invested over $13 billion since 2003 in growth-stage tech companies. Client testimonials, such as from Ascot's COO, underscore the platform's role in enhancing underwriting excellence and efficiency. |
| Nov 2024 | Series C | StepStone Group (lead); Pear VC; Emergence Capital; Caffeinated Capital | $40M | - | Federato is an AI-native underwriting platform for the insurance industry, specializing in RiskOps to streamline risk analysis, underwriting, and policy lifecycle management for insurers, managing general agents (MGAs), and mutuals. Founded in 2020 by CEO Will Ross and CTO William Steenbergen, the company leverages AI for faster risk selection, precise underwriting, efficient teams, and sustainable portfolio growth. On November 20, 2024, Federato announced a $40 million Series C funding round led by StepStone Group, with participation from existing investors Emergence Capital, Caffeinated Capital, and Pear VC, bringing total funding to $80 million. The investors collectively manage over $200 billion in assets, and StepStone partner John Avirett highlighted Federato's rapid growth and AI expertise after tracking it as an LP since inception. The new capital is earmarked for global expansion into markets like the UK, Europe, Latin America, and Asia-Pacific, accelerating the shift to AI in insurance. CEO Will Ross described the round as a milestone reflecting momentum in RiskOps, emphasizing ongoing value creation for customers. This Series C follows prior rounds totaling $40 million, positioning Federato amid insurtech innovation moving from legacy systems to AI-native solutions. |
| Jun 2023 | Series B | Caffeinated Capital (lead); Pear VC; Emergence Capital | $25M | $125M | Federato is an AI-native insurance platform founded in 2020 by Will Ross and William Steenbergen that spans the full policy lifecycle for property and casualty (P&C) and specialty insurance. The platform uses agentic AI to conduct complex analyses, helping underwriters prioritize submissions based on appetite and potential while maximizing underwriting success rates and providing real-time portfolio insights. In June 2023, Federato raised $25 million in Series B funding led by Caffeinated Capital, with participation from returning investors Emergence Capital and Pear VC. According to Varun Gupta, partner at Caffeinated Capital and newly appointed board member at the time, Federato's software was being purchased and evangelized by billion-dollar global insurance companies and startup MGAs, demonstrating strong product-market fit and customer traction. The Series B capital was directed toward continued momentum, applying AI and Reinforcement Learning to portfolio optimization challenges. This round came less than a year after Federato's Series A announcement, reflecting rapid momentum in the insurtech sector during 2023. |
| Sep 2022 | Series A | Emergence Capital (lead); Pear VC; John Raguin; Niranjan Sabharwal; Caffeinated Capital | $15M | - | Federato is an insurtech company providing a RiskOps platform that aligns portfolio strategy with underwriting action for Property & Casualty and Specialty insurance. The platform consolidates underwriting workflows and risk data analysis, serving large insurance carriers, managing general agents, and insurtech market entrants. In September 2022, Federato announced a $15 million Series A round led by Emergence Capital, with participation from Caffeinated Capital and Pear VC, along with angel investors including AgentSync co-founder Niranjan Sabharwal and Guidewire co-founder John Raguin. During the first half of 2022, Federato demonstrated strong early traction by growing ARR 10x, revenue 6x, and its customer base 4x. Insurers using the platform reported a 15-to-1 reduction in web-based apps and screens needed for risk selection and underwriting. The capital would be deployed toward accelerating growth in North American P&C markets, expanding the team from 23 to approximately 50 employees by year-end 2022, and continuing platform improvements. |
Who has invested in Federato?
7 investors have backed Federato across its funding rounds, including Pear VC, Emergence Capital, Caffeinated Capital, StepStone Group, Goldman Sachs Asset Management and John Raguin.
Lead investors include Goldman Sachs Asset Management, StepStone Group, Caffeinated Capital and Emergence Capital.
Federato Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Participant | Sep 2022 | ||
| 4 | Lead | Sep 2022 | ||
| 4 | Lead | Sep 2022 | ||
| 2 | Lead | Nov 2024 | ||
| 1 | Participant | Sep 2022 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialFederato Competitors
Federato competitors include listed companies like Aeternal Mentis, Saltlux and User Local, and private ones like Comand AI, Duality and Sentient Technologies.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $278K | ($346K) | $125M | - | ||
| Private | - | - | $129M | - | ||
| Publicly listed | $30M | ($5M) | $139M | - | ||
| Private | - | - | $145M | - | ||
| Private | - | - | $145M | - | ||
| Publicly listed | $34M | $15M | $156M | 2.8x |
Federato Public Comps
Federato is still privately-owned, but its public comps include Aeternal Mentis, RTB Digital (Roundtable), Airdoc, GrocerIQ, AFMA, Stradvision, XChange Tec, Voicecomm International, Veritone and Pluszero.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $278K | ($346K) | 454.4x | - | (365.1x) | - | |||
| $11M | ($13M) | 11.6x | - | (9.7x) | - | |||
| $26M | ($3M) | 1.5x | 1.5x | (11.9x) | - | |||
| $7M | ($2M) | 18.5x | - | (80.0x) | - | |||
| $33M | $14M | 4.4x | - | 10.8x | - | |||
| $13M | ($21M) | 6.6x | 6.9x | (4.2x) | - | |||
| $54K | ($107K) | 4225.8x | - | (2142.5x) | - | |||
| $150M | $42M | 1.5x | - | 5.6x | - | |||
This data is available for Pro users. Sign up to see all Federato competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Federato
| When was Federato founded? | Federato was founded in 2020. |
| Where is Federato headquartered? | Federato is headquartered in San Francisco, CA, United States. |
| Is Federato publicly listed? | No, Federato is a private, VC-backed company. |
| What is Federato's valuation? | Federato was last valued at $125M in its Series B in June 2023. |
| How much funding has Federato raised? | Federato has raised $180M across 4 funding rounds. |
| What was Federato's last funding round? | Federato's last funding round was a $100M Series D in November 2025, led by Goldman Sachs Asset Management. |
| Who are Federato's investors? | Federato's investors include Pear VC, Emergence Capital, Caffeinated Capital, StepStone Group, John Raguin, Goldman Sachs Asset Management and Niranjan Sabharwal. |
| Which companies are comparable to Federato? | Companies comparable to Federato include Aeternal Mentis, Comand AI, Saltlux, Duality, Sentient Technologies and User Local. |
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