Socialeads raises $1.75 million to expand insurtech business

Milwaukee-based insurtech startup Socialeads, Inc. announced that it has raised $1.75 million to grow its sales and marketing teams both domestic and internationally.Socialeads, founded by entrepreneur Larry Hitchcock and solutions architect Matthew Salzer, developed a product designed to help Northwestern Mutual address its salesperson and market potential and referral friction challenges.The startup’s product uses natural language processing, personality and emotionality detection and machine learning tools to find potential clients in a salesperson’s social media network.The round of funding was raised by both new and existing investors. Existing investors include Northwestern Mutual and Winnebago Seed Fund. New investors include Cameron Ventures, Silicon Valley’s Plug & Play Ventures and Rock River Capital, which like Winnebago Seed Fund, is a Badger Fund of Funds – Wisconsin’s state-backed venture capital program that invests in Wisconsin-based startups."We are excited to share this part of our journey with our new investors and to see growing support from Wisconsin funds like Rock River Capital," Hitchcock, Socialeads chief executive officer said in a statement. “We're also proud to be helping so many advisors grow their businesses and be of service to their clients in this especially challenging time."In addition to the funds raised, the company onboarded Northwestern Mutual and TruChoice Financial, allowing for deployment of Socialeads to their respective field advisors.The startup is also part of Plug & Play Ventures Insurtech Program and has launched pilots with several large insurance companies in the U.S. and abroad, according to a press release.Since the company was founded in 2018, Socialeads has raised more than $3.25 million. The startup was also the 2018 winner of Northwestern Mutual Life Insurance Co.’s Reverse Pitch competition."It has been great to have a front row seat for the creation and growth of Socialeads from Reverse Pitch winner to scalable business,” Northwestern Mutual venture partner Craig Schedler said in a statement. “What Larry and team have built solves a real problem for financial advisors as they look to meet clients and prospects where they are in an increasingly digital world.”