The London-based firm, said to offer a no-code core insurance platform, plans to use the capital for transforming the current ecosystem into a ‘future-proofed’ marketplace for carriers, brokers and Managing General Agents.
Specialist investment firm Toscafund led the latest fundraising and was joined by existing backer Dale Ventures.
Toscafund partner George Koulouris said: “INSTANDA attracted us through its unique design thinking, strength of management and execution across a wide range of insurance lines, products and geographies.
“There is widespread belief that the insurance industry is ripe for change and disruption, yet very few companies prove they can really deliver significant improvements with a compelling value proposition. INSTANDA is one of those, so the potential is unlimited.”
Early in 2020, Instanda secured $19.5m Series A investment, led by Assembly Capital Partners.
Later that year, the firm became the first insurtech platform to become available on the Microsoft Azure Marketplace.
By Q1 2022, the firm had 70 clients among which are Standard Bank, Hamilton Fraser, and HDI Global SE.
The firm’s platform is said to help business users manage insurance products across all lines within P&C, health as well as life.
Instanda CEO and co-founder Tim Hardcastle called the latest investment a ‘significant milestone’.
“Being able to digitise all aspects of the insurance value chain will allow insurance providers to transform the customer experience even further, whilst dramatically reducing processing costs, thus enabling them to bring a better insurance experience to more people and businesses around the world,” Hardcastle noted.