AUSTIN, Texas, March 14, 2022 (GLOBE NEWSWIRE) — Socotra, the modern core platform for innovative insurers, today announced the closing of a $50 million Series C funding round led by Insight Partners, one of the world’s largest venture capital and private equity firms. Existing investors 8VC, Portage Ventures, Brewer Lane, MS&AD Ventures, and Nationwide Ventures also participated in this round, bringing total funds raised to date to $96 million.
Founded in 2014, Socotra offers the insurance industry a powerful core platform as an alternative to the fragile, monolithic policy administration systems of the past. Socotra’s Series C funding round highlights the company’s rapid growth and success, with annual recurring revenue (ARR) increasing more than 9.5x over the last three years. With 17 new insurtech customers in 2021 alone, Socotra now powers dozens of different insurance products for insurers across three continents. Customers include major carriers like AXA, Mutual of Omaha, Symetra, MS Amlin, and IAG, as well as leading insurtech MGAs such as Hippo and Bamboo Insurance.
Socotra will use the proceeds of this funding round to further expand product functionality, broaden its reach throughout Europe and Australia, augment customer success infrastructure to support its rapidly growing customer base, and continue extending ecosystem capabilities through Socotra Marketplace—the insurance industry’s first no-code app marketplace enabling instant integrations with third-party technology providers.
“Many of today’s core system providers bill themselves as modern without having basics like documentation or continual upgrades,” said Dan Woods, Founder and CEO of Socotra. “In stark contrast, Socotra is API-driven, well-documented, cloud-native, and a true off-the-shelf product. What takes legacy technology months or even years with armies of custom developers, Socotra’s customers can accomplish in weeks—and then upgrades are free, automatic, and non-interruptive. Now with the support of Insight Partners, Socotra is positioned to scale faster and deliver even more value for the insurance community in the years ahead.”
"Socotra is a truly next-generation platform, which allows customers to embrace cloud-native software via APIs and a microservices architecture. This innovation improves speed of delivery and reduces total cost of ownership for innovative insurers who want to launch new products or rearchitect existing lines of business," said Jonathan Rosenbaum, Managing Director at Insight Partners. "Ultimately, this leads to material value for the end consumers looking for customized insurance products with fast time to purchase. We at Insight are excited to partner with Socotra on this next chapter of its growth journey."
Because Socotra is built on modern technological paradigms, such as open APIs and cloud-native architecture, it offers unique benefits compared to other insurance core platforms, including:
- Free 30-day trials with instant access to a fully functional environment
- Customer empowerment to deploy Socotra entirely on their own, with Socotra-certified engineers among Socotra’s preferred partners, or with any systems integrator in the world
- Rapid and affordable launches of any insurance product, via any distribution channel, and in any geography
- Free, automatic, and continuous upgrades, which are safely and asynchronously delivered as insurer systems remain live
Learn more about why innovative carriers and ambitious insurtechs are both choosing Socotra at socotra.com.
Socotra is bringing unparalleled speed and ease to insurance technology. With Socotra’s modern core platform, global insurers and insurtech MGAs can accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable. To learn more, visit socotra.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.