Insurtech firm Socotra has raised $5.2m in a new funding round led by investment firm 8VC and venture arm of insurers Nationwide and Mitsui Sumitomo.
The latest capital raise follows successful completion of $5.5m Series A funding round and brings its total funding to $18m.
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Socotra has developed cloud-native platform with open configuration and APIs that allows insurers to implement backend technology with their own engineering resources or their favourite systems integrator.
Socotra’s platform allows insurance carriers to cut costs, to launch products quickly and easily integer with future technologies.
Socotra CEO Dan Woods said: “With this new capital, we will accelerate product enhancements and reach even more insurers trapped by artifact IT systems.”
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.
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By GlobalData“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.”
Nationwidevice president and leader of venture capital team Erik Ross said: “We have been closely following Socotra’s progress for 18 months, and have been continually impressed by the company’s clarity of vision and speed of execution.
“We’re excited to be investors and even more excited about how our relationship could evolve to the benefit of our members.”
