UK-based insurtech firm Superscript has raised £45m in a Series B funding round led by existing investor BHL UK.

New investor The Hartford and the existing investors, including Concentric and Base Capital also joined the round. 

Superscript plans to use the proceeds to enhance its underwriting and broking capabilities using machine learning and diversify its insurance products and services for international distribution. 

The funds will also be used to build on the firm’s existing embedded partnership capabilities.

Established in 2015, the firm offers insurance solutions to small and medium-sized businesses and ‘high growth’ technology firms.  

Superscript CEO and co-founder Cameron Shearer said: “In the context of a challenging macroeconomic environment and shift in global investor appetites, this funding round represents a huge vote of confidence in what we’re building at Superscript. 

“The flexibility, customisation and affordability we offer puts us in a unique position to meet the insurance requirements of small businesses during turbulent times, as they navigate economic challenges this year. Our investors’ international presence will help support us with growth in the future, as we continue our mission to be the global leader in SME insurance.”

BHL UK CEO Ian Leech said: “Superscript separates itself from other insurtechs through its unique distribution and underwriting capabilities, powered by proprietary machine-learning technology. 

“We are very excited to be furthering our investment and look forward to supporting further product developments and international growth.”

In June this year, the insurtech announced its expansion in Europe by opening an office in Rotterdam, the Netherlands.

In early 2020, the firm raised $10.4m in its Series A round from BHL and other investors including Nire Capital, Concentric, Beazley and Seedcamp.