Indio Technologies, a platform designed to streamline the application process for business insurance, has secured $20 million in Series B funding led by Menlo Ventures, with participation from 8VC, according to a company release.

The company, founded in 2016 by Adam Bratt and CEO Mike Furlong, plans to use the new funding to build platform connectivity to insurance carriers, making it easier for brokers to collaborate and get quotes faster.

"Before Indio, the painful and redundant paper-based business insurance process was considered a necessary evil to attaining insurance coverage," Furlong said in the announcement. "We moved that entire process to a secure online platform that reduces steps, eliminates entirely data duplication and improves the experience for both the business and the insurance broker."

More than 250 brokers process thousands of business clients through the Indio platform every month, according to the company.