ProspX, the company that calls itself "the social business platform for commercial insurance," obtained $1.9 million of a round that intends to raise $2.4 million, VentureBeat reported citing a Form D that the company filed with the US Securities and Exchange Commission dated March 4, 2014.

Established in 2005, ProspX counts Adams Capital Management and HPI Group among its previous institutional backers. Based on the filing, the company now has 21 investors to date. While not a lot of information can be gleaned from the document, it revealed that ProspX still has to raise $525,000. It intends to offer investors with debt, options and securities that can be acquired when an option is exercised, the report said.

ProspX provides a platform that matches up agents, brokers and insurance firms with each other. One of its features is its InsiderConnect platform which its website describes as a site that "delivers timely and relevant business intelligence to brokers and carriers to streamline communication, strengthen relationships, and drive revenue." It helps brokers get information and resources while allowing carriers "to elevate their message for increased visibility at the initial point of an opportunity," the website said.

Since it was founded in 2008, the Texas-based firm has been busy in the fundraising circuit. At the end of its founding year, it was able to raise $6.5 million for its first round. In March 2010, it also obtained debt financing amounting to $2.5 million. This was followed by an $8 million funding round about a year later in February 2011. Two months later, it raised $1.5 million and a couple of years after that, it obtained another $8.5 million. In January this year, it got another $1.25 million in a debt funding round, the report said.

The VentureBeat report, however, wondered if the latest round could indicate that ProspX is facing financial challenges. Unless ProspX says otherwise, the report questioned why the company would "raise a small round like this after having raised more than $25 million in equity funding plus a $1.25 million debt round just two months ago?"