USA – PlanGap, an Atlanta, GA-based company creating a new class of retirement income protection solutions with insurance carriers, raised $9.4m in Series A funding.
The round was led by Cultivation Capital with participation from thought leaders in the insurance, reinsurance, finance and insurtech industries. Cliff Holekamp, co-founder and managing director at Cultivation Capital, joined PlanGap’s board of directors along with John Hamlin, a veteran investor and former chairman of the board at REI, who has served on other high-profile boards such as Perficient (PRFT) and Safeco Insurance.The company intends to use the funds to bring more Social Security protection products to market.Founded in 2017 and led by David Duley, CEO, PlanGap is a product innovation company creating a suite of “trigger-based” annuity and life insurance products – retirement insurance – that solve previously unaddressed financial concerns for retirees. Through its collaboration with insurance carriers and distribution partners, PlanGap enables people to protect themselves against disruptions to their retirement income, providing solutions for those worried that institutions have made retirement promises they cannot, or will not, keep. 13/12/2021
