Stere, a digital ecosystem for insurance programmes, has closed its $2m seed funding round.
The round was led by Fin VC, with key participation from Plug and Play Ventures, Sandalphon Capital and Hartford Investment Management Company (HIMCO). Other participants in the round included angel investors Rob Johns, First VP, Alliant Insurance Services and Charter Board Member, TiE of Oregon, and Shamir Karkal, co-founder and CEO of Sila.
Stere has created a digital and scalable version of what it has called an inefficient manual marketplace. Its digital ecosystem connects “capacity seekers” such as managing general agents (MGAs), programme administrators and embedded insurance platforms with “capacity providers” – insurance carriers and reinsurers. Data analytics aids MGAs, brokers, and others with a more efficient process generating smarter and more profitable results, the company explained.
Stere said it will use the funds from this round to grow staff, enhance its portfolio of data analytics, expand its footprint in the MGA and embedded insurance segments, and launch new APIs to better facilitate integration between capacity seekers and providers.
Dogan Kaleli, CEO of Stere, said, “Matching insurance capacity seekers with capacity providers is an inefficient process that relies on outmoded conventions and technologies. Stere simplifies the process and significantly improves the chances of long-term successful partnerships.
“We are delighted that our investors recognise the enormous opportunity to modernise and transform this essential process within the insurance supply chain.”
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