British insurtech Send Technology Solutions has raised £9m in a Series A funding round led by venture capital firm Breega.
Specialist asset manager Mercia, who also joined the fundraise, along with Breega have picked stakes in Send as part of the deal.
Besides, Breega VC principal Maxence Drummond has secured a seat on the Send board.
Drummond noted: “To date, Send has the most reliable and user-friendly solution in the underwriting workbench market. Send is paving the way for a more agile industry, helping insurers, reinsurers and MGAs to transform traditional practices.
“At Breega, we strongly believe in their potential to become a global category leader in this space.”
Send will use the fresh capital to speed up its growth in the UK and US.
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It will also utilise the infusion to develop its product portfolio and expand its employee headcount.
Send co-founder and CEO Andy Moss said: “We believe we have the most advanced underwriting workbench on the market and want to retain our first-mover advantage.
“To do this, we need to scale up, both in the markets in which we currently operate in, and in new ones. We want to enable more partner-led growth and delivery as well as bring in exceptional and diverse talent.”
Based in London, Send offers a SaaS underwriting workbench designed to streamline and automate underwriting operations.
Designed for the commercial and specialty markets, the composable platform offers teams a single platform to new handle new business, endorsements, as well as renewals.
It is said to process more than £3.5bn in GWP per year.