Sorathia Holdings and Greenlight Re Innovations have joined as new investors in the Series A round, which was led by a group of strategic insurance and technology investors, including existing investor IA Capital, which invested $7.5 million in Summit Commercial Solutions, a technology-enabled commercial insurance brokerage.
Since its founding in 2022 by Davis Gilbert and Josh Pillsbury, Summit has grown to become one of Canada’s fastest growing independent brokerages.
The funding will be used to expand Summit’s footprint in Canada, opening new offices, expanding its talent acquisition vertical with a focus on bringing new talent to the industry, and deepening its presence in key markets.
Additionally, it will be used to enhance data infrastructure, workflow automation and Summit’s AI-powered compliance platform, Summit Sherpa, designed to modernize the way property managers and enterprises approach risk, verification and policy management.
Finally, the funding will help scale new divisions including group benefits, private clients and the broker’s emerging mandated underwriting ecosystem to deliver comprehensive insurance solutions across commercial, personal and embedded product lines.
Ravi Shah of IA Capital commented: “Summit is reimagining the brokerage model – using modern software, data and artificial intelligence to increase the productivity of producers, rather than replace them. Since our investment, they have more than doubled their total revenue and expanded group benefits while building in-house wholesale capabilities.”
“We redouble our efforts and are proud to partner with Josh, Davis and the team as they continue to execute with urgency and set a new standard for commercial insurance distribution, service and scale.”
Gilbert added: “Insurance touches every business in this country, but the industry is slow to evolve. Summit was founded to change that – leveraging data, technology and modern workflows to deliver faster, clearer and more transparent results to clients.
“This raise is not about scale per se. It accelerates the infrastructure we have proven across thousands of Canadian businesses: independent, technology-enabled brokerage firms can win across the country.”
“The next generation of great agents won’t build their careers on an undifferentiated legacy system,” Pillsbury said. “They want a platform that can amplify their impact.
“Summit is one such platform, built with modern technology, powered by artificial intelligence, and designed for entrepreneurial brokers who want to win bigger and move faster. This investment accelerates our ability to scale this vision across the country and deliver an unparalleled experience to our clients and employees.”
