Quispamsis, NB insurance technology startup Brunvalley has closed a $300,000 funding round, including a $100,000 follow-on investment from the New Brunswick Innovation Foundation.

The new round of financing comes in the wake of another $100,000 NBIF funding deal last year. This year’s money is earmarked for additional development work on LifeWallet, Brunvalley’s flagship product.

LifeWallet is a platform for simplifying home and auto insurance applications. A second Brunvalley offering, snapably, promises to offer a “digital hub” to manage users’ ID, properties, vehicles, valuables, reward cards and expenses.

“Brunvalley is excited about transforming the way people manage their daily lives with its soon to be released product, LifeWallet,” said CEO Karl Greenlaw in a press release.

“As we move from development to release, we’re pleased to have the support and investment of NBIF.”

So far, Brunvalley has raised about $1.5 million in total and is testing its software with a small number of users.

Before Brunvalley, Greenlaw founded Brovada, which streamlined communications between insurance companies and brokers. Brovada eventually accounted for about 90 percent of the data transferred between the two groups in Canada, the company said.

In 2015, Greenlaw sold the company for US$15.24 million to British professional services firm Towers Watson, where he stayed on for several years.

“At Brovada, I’d meet regularly with brokers and insurance companies and get their views, and what I found was . . . that insurance hasn’t been properly disrupted,” Greenlaw said in 2018, shortly after founding Brunvalley.

“If you want to move from one company to another, it’s not very easy. There’s all kind of questions like how big’s your home and what’s your floor area . . . and that ends it for some people.”