CIT GAP Funds Makes Follow-On Investment in Fenris

​Additional funding supports the fintech startup’s approach to improving the insurance quote process for both applicants and insurers

The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has made a follow-on investment in Richmond, Va.-based Fenris. Over the last 12 months, Fenris has expanded their sales operations and enhanced their data delivery and analytics platform. The company plans to use this additional funding to further build out their product suite to meet demand from current and prospective clients.

​“Fenris clients are seeing real results, including an increase in conversions accompanied by a 25% decrease in cost of acquisition due to smarter ordering of downstream reports, and up to 80% reduction in manual effort,” said Jennifer O’Daniel, Investment Director, CIT GAP Funds. “CIT is pleased to expand our relationship with Fenris through this follow-on investment, and we look forward to the company’s continued growth in 2020.”

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​http://www.globenewswire.com/news-release/2020/05/12/2032103/0/en/CIT-GAP-Funds-Makes-Follow-On-Investment-in-Fenris.html