Building the context graph for insurance: Why we’re doubling down on Fulcrum 

Fulcrum has raised $25M to transform the insurance industry. Foundation led their seed round two years ago. Today, CRV is leading their Series A, and we’re thrilled to double down on a company that embodies everything we believe about the $4.6T services-as-software opportunity.

“I first met Arjun Mangla when we worked together at McKinsey. Even then, his obsession with how enterprises actually operate—the messy workflows, the manual processes, the judgment calls buried in institutional knowledge—was evident. When he and co-founder Sambhav Anand started building Fulcrum, they weren’t chasing the ‘AI for X’ trend. They were solving a problem they’d studied up close: the enormous gap between how insurance brokerages should work and how they actually do.” —Jaya Gupta

Evolving a dinosaur

Insurance brokerage is a $260 billion U.S. market. The top 100 brokers brought in $80.5 billion last year. Despite its scale, nearly the entire industry runs on manual processes, fragmented systems, and expensive human labor doing repetitive work.

Policy checking, quote comparisons, proposal generation, coverage analysis—commercial insurance is filled with judgment-heavy, document-intensive workflows that feel like they should have been automated years ago. But the work is complex, and the technology wasn’t there until very recently.

This is the services-as-software opportunity—not the $200 billion SaaS pool—but the $4.6 trillion enterprises pour each year into salaries and outsourced services. It’s a large, slow-moving dinosaur of an industry, one that’s about to see rapid evolution at an agentic pace.

Building the context graph of insurance

Fulcrum optimizes the entire client lifecycle for insurance brokerages, covering sales, servicing, and everything in between. Agentic tooling processes messy insurance inputs, triggers the right workflows, and produces polished outputs. All with enterprise-grade security.

Unlike systems of the past, Fulcrum is fully integrated with other tools like Outlook and AMS, meaning that it works at the center of a customer’s existing workflows, not just on top of them. It augments Account Managers. It takes the tedious, document-heavy work off their plates so they can focus on serving clients and growing their book.

But what makes Fulcrum more than an automation play is what they’re building beneath the surface: a context graph for insurance.

Every workflow creates a decision trace—not just what happened, but why. Over time, this becomes the connective tissue that captures how brokerages actually operate. The institutional knowledge that today lives in Slack threads and people’s heads becomes structured, searchable, and compounding.

We’ve written about why we think context graphs are a trillion-dollar opportunity. Fulcrum is building one for insurance and if they succeed, they become the operational backbone of the entire industry.

The path to Series A

When we first met with Fulcrum, the company had zero customers. Despite that, it was co-founders Arjun Mangla and Sambhav Anand themselves that convinced us. Arjun has the kind of relentless founder energy that’s hard to teach and impossible to fake. He came to Silicon Valley from India with a chip on his shoulder in the best way: he simply won’t take no for an answer. 

Sambhav is the technical counterbalance every great company needs: calm, sharp, and deeply capable. He’s the kind of engineer you put in front of a messy, ambiguous problem: systems, data, edge cases, failures-in-the-wild and within minutes he’s decomposed it, found the core constraint, and is sketching the cleanest path through it. When they talked about building AI agents, we saw a rare founder pairing: one who will run through walls, and one who can build the machinery on the other side and we believed they could actually pull it off.

After leading Fulcrum’s seed round, the whole Foundation team leaned in. We put co-founders Arjun and Sambhav in front of customer prospects. We introduced them to one of their largest customers today. We sourced advisors to help them navigate the insurance industry. And when it came time to build out go-to-market, we helped them find their first head of sales, then helped close candidates to join the team.

The breakthrough came at their first industry conference. Arjun and Sambhav showed up with half-built workflows and couldn’t stop getting pulled into conversations. Brokers called Fulcrum the “Ferrari of policy checking” and signed contracts in days of meeting them. 

From there, momentum compounded. Today, nearly a third of the top 50 U.S. insurance brokers are customers, including Heffernan, M3, and Hylant. Revenue has grown 5x in six months. Account Managers report saving 6-8+ hours per week while handling bigger books of business.

Congratulations to Arjun, Sambhav, and the entire Fulcrum team! We’re honored to continue partnering with you. And if you’re early in your founder journey, just like Sambhav and Arjun and have massive ambitions to change the world, then please contact us.