Snapsheet is a Chicago-based company and it has raised $12 Million for streamlining the process after a car accident. They have built a mobile application which will survey the vehicle damage after an accident and will serve as a virtual appraiser. This funding round which has come just after some months of raising a $20 Million series has been led by the Tola Capital.

Managing Director of Tola Capital:

Here is what the Managing Director of Tola Capital has said about the investment in Snapsheet. “Snapsheet’s virtual claims platform streamlines and simplifies the claims handling process for everyone - the carrier, the customer and the repair shop,”

The Co-Founder of Tola:

The co-founder of the company CJ Przybyl says, we are successful in getting a lot of funding opportunities because Snapsheet has invented the category. This app benefits the insurance companies, besides this it saves a lot of time to the car owners. Insurance companies have the privilege of offering white label self-service mobile app. It has been said the Snapsheet has been able to convince 45 insurance companies for working with them. Hopefully they will work with them.

How Snapsheet Makes Money?

Snapsheet makes money by charging money on the every estimate they provide. For this purpose, they have been hiring the former appraisers. These appraisers would be inspecting the submitted photos for an insurance claim.

No IPO for Snapsheet:

Przybyl has said that the amount raised would be used to improve the learning mechanics of the machine. These will surely be expanding internationally as well. He also revealed that they are not planning on an IPO as they have already been able to raise a lot of capital.