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Functional Finance
San Francisco, US · Founded 2021 · Delaware corporation · 22 employees on LinkedIn · 5 known investors
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Functional Finance is a SaaS platform that automates billing, invoicing, premium collection, reconciliation, commissions, and money movement for MGAs, wholesalers, and insurance carriers. It integrates with policy admin and accounting systems to give back-office teams, CFOs, and distribution partners real-time financial visibility and reporting.
Founders & leadership
Functional Finance was founded in 2021 by Rashmi Melgiri.
RM
Rashmi MelgiriCo-founder/CEORashmi Melgiri co-founded CoverWallet, which was acquired by Aon, and now serves as Executive Officer and Director at Functional Finance, a SaaS platform automating back-office financial operations for insurance companies. Her background includes fundraising, team building, and scaling platforms through acquisition.
AW
Adam Wang-LevineNamed on SEC filing
JE
James ErmilioNamed on SEC filing
Investors · 5
New Enterprise Associates (NEA)listed by New Enterprise Associates (NEA)Menlo Park · $200K – $40M
How we know: a partner's Signal profile · funding news · Not right? Tell us
Munich Re VenturesreportedSan Francisco
How we know: the VCSheet dataset · Not right? Tell us
Walkabout Ventures LlcreportedSanta Barbara · $50K – $500K
How we know: funding news · globenewswire.com · Not right? Tell us
Funding
SEC filings, press & company announcements$21M disclosed across 2 of 4 rounds · 2022–2024
- Undisclosed amountSeedAug 2023Source ↗
▶$17MraisedMay 2024 · 3 investors · Other TechnologyRule 506(b)
▶$17MraisedMay 2024 · 3 investors · Other Technology
Rule 506(b)Officers, directors & promoters on the filing
- Anthony DeGangiExecutive Officer, Director
- Joshua DiamondDirector
- James ErmilioExecutive Officer
- Rashmi MelgiriExecutive Officer, Director
- Offering amount
- $22M
- Amount sold
- $17M
- First sale
- May 2024
- Incorporated
- Corporation, Delaware, 2021
- Federal exemptions
- 06b
▶$4MraisedJul 2022 · 1 investors · Other TechnologyRule 506(b)
▶$4MraisedJul 2022 · 1 investors · Other Technology
Rule 506(b)Officers, directors & promoters on the filing
- Adam Wang-LevineExecutive Officer, Director
- James ErmilioExecutive Officer
- Rashmi MelgiriExecutive Officer, Director
- Offering amount
- $8M
- Amount sold
- $4M
- First sale
- Jul 2022
- Incorporated
- Corporation, Delaware, 2021
- Federal exemptions
- 06b
Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.
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In the news
Frequently asked questions
- What does Functional Finance do?
- Functional Finance is a SaaS platform that automates billing, invoicing, premium collection, reconciliation, commissions, and money movement for MGAs, wholesalers, and insurance carriers. It integrates with policy admin and accounting systems to give back-office teams, CFOs, and distribution partners real-time financial visibility and reporting.
- Who founded Functional Finance?
- Functional Finance was founded by Rashmi Melgiri in 2021.
- Who are Functional Finance's investors?
- Functional Finance's investors include Altai Ventures, New Enterprise Associates (NEA), Summit Peak Ventures, Munich Re Ventures, Walkabout Ventures Llc.
- How much funding has Functional Finance raised?
- Functional Finance has disclosed $21M raised across 2 of its 4 known rounds.
- Where is Functional Finance headquartered?
- Functional Finance is headquartered in San Francisco, US.