Ledgebrook secures $65m in oversubscribed Series C round to drive strategic growth

Ledgebrook Inc., a technology-focused provider in the Excess and Surplus Lines insurance sector, has announced the close of a $65 million Series C funding round.

The round was significantly oversubscribed and led by existing investor The Stephens Group, LLC, a prominent private investment firm.

Current investors—including Duquesne, Brand Foundry, Floating Point, and American Family Ventures—also contributed, joined by new backers such as Hummingbird Nomads.

The new funding will be used to attract top-tier talent, broaden Ledgebrook’s insurance offerings, and reinforce its commitment to delivering high-quality service to wholesale brokers.

It will also enable the company to take on a greater share of underwriting risk for policies written on behalf of its carrier partners. The increased involvement from The Stephens Group reflects a strong, ongoing partnership, with the firm bringing significant experience in supporting high-growth companies.

Ledgebrook’s leadership team and employees remain the company’s largest equity holders. As part of this round, Ryan Morrow, Managing Director at The Stephens Group, will take a seat on Ledgebrook’s Board of Directors.

“Ledgebrook is a unique and truly impressive, founder-led platform in the attractive E+S marketplace with fantastic early momentum,” commented Morrow.

“We look forward to a partnership with Gage and Ledgebrook for many years ahead. We and our co-investors could not be more excited to partner with the team as the business scales.”

“I’m really excited to deepen our collaboration with Stephens Group and the Stephens Family. Their fair, open, honest and long-term approach to business partnerships, matches our own at Ledgebrook and has shone through since their initial investment last year,” commented Gage Caligaris, Founder and Chief Executive Officer of Ledgebrook.

“The round recognises the momentum in our business. It positions Ledgebrook to truly establish itself as a premier E + S platform, known for consistent execution on our mission to delight wholesale brokers and for bringing together the best of insurance expertise and technology. I am proud of the backing we have from our existing and new investors and am incredibly grateful for their support.”

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