ClearRisk Inc., the St. John’s SAAS venture that helps mid-level insurance brokers assess risk, has closed a follow-on round of funding from GrowthWorks Atlantic and an arm of the Business Development Bank of Canada to help it continue its rapid growth.

CEO Craig Rowe said in an interview last night the company has raised $500,000 in venture capital funding from existing investor GrowthWorks Atlantic, and has raised additional financing from BDC Capital.

The company previously raised $1.2 million from GrowthWorks Atlantic and the First Angel Network in 2011.

Rowe, who said that GrowthWorks has been an “exceptional” partner, declined to say how long he expects the latest funding to last, but did say that he has no plans to raise more money any time soon.

 “We’ve created solutions for risk management for insurance,” said Rowe. “In an industry that’s very traditional, we’ve taken a modern tool and applied it to existing software so we sell to all the parties in an insurance transaction – brokers, underwriters, customers. So there is a common platform and language and they can all relate to it.”

Rowe said the company is now selling its cloud-based risk assessment tool to medium-sized and large insurance companies, mainly in Canada and the U.S. It also has customers in Europe, Asia and Australia. He added the company is not doing a lot of product development, other than to respond to client requests.

“We’re all about focus right now,” said Rowe. “We’re at the point now where we’ve got a scalable and repeatable model and we’re scaling it and repeating it.”

He added that the company is still growing rapidly and is in the early stages in terms of market penetration.

ClearRisk, which started almost seven years ago, has had about 15 employees for several years, and is now taking on a few sales people. Some of the sales team is in Ontatrio, home to about 80 percent of the Canadian insurance industry. Most of the staff is based in the headquarters in St. John’s.