Socotra, a provider of a cloud-native platform for insurers, has closed a $50m Series C funding round led by Insight Partners.
Existing investors 8VC, Portage Ventures, Brewer Lane, MS&AD Ventures, and Nationwide Ventures also participated in this round, bringing total funds raised to date to $96m.
Founded in 2014, Socotra said its platform offers an alternative to the ?fragile, monolithic policy administration systems of the past.Its customers include major carriers like AXA, Mutual of Omaha, Symetra, MS Amlin, and IAG, as well as leading InsurTech MGAs such as Hippo and Bamboo Insurance.
Socotra said it will use the proceeds of this funding round to further expand product functionality, broaden its reach throughout Europe and Australia, augment customer success infrastructure to support its rapidly growing customer base, and continue extending ecosystem capabilities through Socotra Marketplace??the insurance industry first no-code app marketplace enabling instant integrations with third-party technology providers.
Dan Woods, founder and CEO of Socotra, said, ?Many of today core system providers bill themselves as modern without having basics like documentation or continual upgrades. In stark contrast, Socotra is API-driven, well-documented, cloud-native, and a true off-the-shelf product.
??Now with the support of Insight Partners, Socotra is positioned to scale faster and deliver even more value for the insurance community in the years ahead.p>
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