Socotra, a core technology developer for insurance firms, has raised a further $5.2m in funding, just months after closing a $5.5m Series A.
The new wave of funds came from 8VC, which also led the Series A round, Nationwide’s venture arm, and MS&AD Ventures. USAA, which previously backed Socotra’s seed and Series A, also returned to invest in the new round.
Following this investment, Socotra has raised a total of $18m in funding. Capital from the new round will be used to increase product growth and increase its reach to insurance firms.
Socotra is a cloud-native platform with open configuration and APIs to help insurers improve their systems and create more personalised insurance products. The platform can be used to support policy admin, underwriting, claims, billing and reporting, among other processes.
MS&AD Ventures managing partner Jon Soberg said, “The insurance industry is experiencing a technology revolution, and the winners will not be powered by today’s legacy technologies. Socotra has built the most complete productized SaaS platform in the market, and they have a world class engineering team. We’re excited to contribute to Socotra’s continued success.”
The company closed its Series A on $5.5m In September 2018, with an aim of using the proceeds to boost the development of its product and increase sales efforts.
Late last year, 8VC participated in the $70m funding round of Clearbanc, a provider of growth capital for online businesses.
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