# Slash Eureka

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/slash-eureka

- Industry: Insurance
- Headquarters: Palo Alto, US
- Website: www.useascend.com
- Total disclosed funding: $19M
- Latest round: Series A (Nov 12, 2021)
- Investors on record: 10

## About

Slash Eureka Inc. operates an accounting automation platform designed to streamline financial operations for agencies, managing general agents (MGAs), and carriers in the insurance industry, enhancing efficiency and customer satisfaction.Founded in 2021 by Andrew Wynn and Praveen Chekuri, Slash Eureka Inc. is headquartered in Palo Alto, US, and focuses on accounting automation solutions. The company has completed 4 deals and recently raised USD 250.00 mn in a VENTURE DEBT round led by Hudson Structured Capital Management, bringing the total amount raised to USD 13.38 mn.Ascend offers a comprehensive accounting automation platform that integrates essential financial operations for agencies, managing general agents (MGAs), and carriers within the insurance sector. The core product encompasses functionalities for invoicing, payments, and financial reporting, all designed to enhance revenue, improve profit margins, and elevate customer satisfaction. This all-in-one solution facilitates a streamlined user experience that addresses the specific needs of retail agencies, wholesalers, MGAs, carriers, and insurance networks. Key features include premium financing, direct bill automation, commission remittance, and a billing portal that supports modern payment experiences while ensuring compliance and security for sensitive payment information. Ascend's services are tailored for clients across various regions, effectively addressing the needs of businesses within the North American insurance market.Ascend’s revenue model is structured primarily through subscription-based services that cater to a diverse client base, including retail agencies, wholesalers, and carriers. Transactions typically occur as a B2B arrangement where clients subscribe to the platform for access to its suite of financial automation tools. Clients benefit from features like invoicing and payment management, which optimize their accounting processes and enhance operational efficiency. The service is designed to help clients increase EBITDA while reducing administrative expenses associated with back-office operations. Additionally, Ascend also offers partnerships that may include profit-sharing arrangements, reinforcing its commitment to helping clients accelerate growth and improve financial performance through innovative solutions.Slash Eureka Inc. plans to utilize the recent funding from Reform Ventures to further develop its product offerings and expand into new geographic markets. The company is currently designing new features aimed at improving user experience and enhancing functionality, with a focus on launching these updates within the next year. The strategic goal includes targeting expansion into additional regions within North America to capture a larger share of the insurance sector.

## Funding rounds

- Series A, Nov 12, 2021, $13M — Index Ventures, First Round Capital, FirstMark Capital, Susa Ventures, Hudson Structured Capital Management, XYZ Ventures, South Park Commons, Distributed Ventures
- Seed, Sep 15, 2021, $5.5M — First Round Capital, FirstMark Capital, BoxGroup, Susa Ventures, South Park Commons, Restive Ventures

## Investors

- First Round Capital (https://capitalatlas.ai/funds/first-round-capital) — Seed, Series A
- FirstMark Capital (https://capitalatlas.ai/funds/firstmark-capital) — Seed, Series A
- BoxGroup (https://capitalatlas.ai/funds/boxgroup) — Seed
- Susa Ventures (https://capitalatlas.ai/funds/susa-ventures) — Seed, Series A
- South Park Commons (https://capitalatlas.ai/funds/south-park-commons) — Seed, Series A
- Restive Ventures (https://capitalatlas.ai/funds/restive-ventures) — Seed
- Index Ventures (https://capitalatlas.ai/funds/index-ventures) — Series A
- Hudson Structured Capital Management (https://capitalatlas.ai/funds/hudson-structured-capital-management) — Series A
- XYZ Ventures (https://capitalatlas.ai/funds/xyz-ventures) — Series A
- Distributed Ventures (https://capitalatlas.ai/funds/distributed-ventures) — Series A