Sola Secures $8M Series A to Revolutionize Restaurant Insurance with AI-Powered Vertical Integration

Sola, the innovative insurtech poised to redefine the restaurant and hospitality insurance landscape, has announced the successful close of an $8 million Series A funding round. This significant investment, spearheaded by AXIS Capital with participation from notable investors including Olo founder Noah Glass, will empower Sola to forge ahead with its groundbreaking mission: building the industry's first truly vertically integrated insurance company.

The restaurant and hospitality sector, a cornerstone of our economy, has long grappled with a fragmented and antiquated insurance system.

Legacy providers often rely on outdated methodologies, leading to slow processes, opaque pricing, and a one-size-fits-all approach that fails to address the unique complexities and risks faced by restaurants, bars, and cafes. This results in businesses paying too much for inadequate coverage, enduring cumbersome claims processes, and lacking the modern tools they need to manage their risk effectively.

Sola is stepping in to dismantle these inefficiencies.

By adopting a vertically integrated model, Sola controls every aspect of the insurance journey – from underwriting and policy issuance to claims management and customer service. At the heart of their innovation are proprietary AI and machine learning models that analyze vast datasets to provide more accurate, fair, and granular risk assessments.

This means businesses receive tailored coverage based on their actual operational profiles, not generic industry averages.

Co-founded by CEO Mike Beach and CTO Ben Bartol, Sola brings together a powerhouse of expertise. Beach, with a strong background from Next Insurance, Hippo, and One Inc, brings deep industry knowledge, while Bartol, an alumnus of Next Insurance, NerdWallet, and Olo, provides crucial technological leadership.

Their combined vision is to leverage modern technology to simplify the notoriously complex world of commercial insurance, making it more accessible, transparent, and ultimately, more beneficial for business owners.

This $8 million Series A funding underscores the strong market confidence in Sola's disruptive potential.

Investors recognize the immense opportunity in applying advanced technology to a traditionally underserved and frustrated market segment. With this capital, Sola plans to further enhance its technological platform, expand its market reach, and continue to build a team dedicated to delivering an unparalleled insurance experience.

For restaurants and hospitality businesses, Sola represents a new era of insurance – one that promises not just protection, but partnership.

By offering faster, fairer, and more efficient coverage powered by cutting-edge AI, Sola is not just an insurance provider; it’s a catalyst for stability and growth in an industry that thrives on innovation and resilience.