Insurance software technology provider Inari has raised $5.2m in its seed funding round to add new features to its (re)insurance offerings.

Caixa Capital Risc, through Spain-based multi-stage venture capital company Criteria Venture Tech, led the financing round.

The funding round also saw participation from CDTI, a public organisation for technology development in Spain, and an undisclosed industry partner.

Barcelona-based Inari also plans to use the financing to advance its longer-term growth strategy to expand the teams in Barcelona and London, as well as venture into new markets.

Inari CEO Frank Perkins said: “Today’s announcement validates Inari’s vision, value and year-on-year track record as part of our mission to revolutionise the (re)insurance industry, establishing Inari as a core technology provider that is trusted and valued by the insurance industry and is attracting talent and investors.

“The funding will support enhancements to our product offering, enable us to add to our team’s insurance industry and technology expertise and expand globally.”

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Launched by Frank Perkins with three co-founders Veronique Gob, Jochi Jimenez and Teresa Madariaga, Inari is engaged in providing core insurance policy administration, underwriting dashboard and bordereaux management systems.

It serves MGAs, insurance carriers, Lloyd’s Syndicates and reinsurance companies.

Inari’s cloud-based platforms use proprietary technology for data ingestion and capture to provide agile, digital-first underwriting and risk management for users to help increase operational efficiency, data accuracy, and data distribution across the value chain.

Caixa Capital Risc tech funds director Xavier Álvarez said: “Inari’s innovative approach to insurance infrastructure has the power to redefine how we perceive risk and resilience in the insurance sector.”