Duck Creek Technologies closes $230m less than a year after former round

Duck Creek Technologies, a software developer for P&C insurance, has secured  a $230m investment, less than a year since closing a $120m round.

The investment was supplied by Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management.

With the close of the round, the InsurTech company will look to boost its business growth, with a focus on increasing its SaaS capabilities. It will also look to accelerate product development and international expansion.

Duck Creek is looking to repurchase equity from certain existing investors.

Investors of Duck Creek include Dragoneer Investment Group, Insight Partners, funds and other accounts advised by Neuberger Berman Investment Advisers and Temasek.

Funds advised by Apax Partners acquired a majority stake in Duck Creek back in 2016 from Accenture, which remains a shareholder of the InsurTech.

Duck Creek offers a suite of SaaS solutions that support processes including policy administration, billing, claims, analytics, industry content, distribution management, and reinsurance management.

Apax Partners partner Jason Wright said, “Duck Creek’s growth has continued throughout 2020 and we remain excited about the long-term prospects for the company and its plan to continue to invest in products and people.

“We are proud of our partnership with Mike Jackowski and the Duck Creek team and are pleased to welcome Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management as additional investors to support the company’s growth strategy.”

The InsurTech company closed a $120m funding round in 2019 from Dragoneer Investment Group, funds advised by Neuberger Berman, Insight Partners, and Temasek.

Copyright © 2020 FinTech Global

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