Socotra, a core technology developer for insurance firms, has raised $5.5m in its Series A round from 8VC.
Alongside the investment, 8VC founding partner Joe Lonsdale will join the company’s board of directors.
Socotra is a cloud-based back-end platform which coasts open configuration and APIs to support insurers with their infrastructures. Its technology is used to support policy lifecycles in single or multi-line, life or P&C, commercial or retail.
Its platform can be integrated with an insurer’s own platform and support it with underwriting, policy administration, claims, billing, reporting, among other processes.
Through this investment, the company will look to further the development of its product and accelerate its sales efforts.
Socotra CEO Dan Woods said, “Insurance executives see plainly that their internal systems haven’t kept up with systems in the outside world. This industry is too big and too important to sit out while the rest of the world advances.
“Socotra is now providing the insurance industry with the software it deserves. With 8VC’s help, we can further enrich our platform and serve even more customers.”
Previous investors in the company include Founders Fund, Greenoaks Capital, SciFi VC, SV Angel, Tuesday Capital, and Vulcan Capital.
8VC have made a number of investments in the FinTech space this year. Most recently, the firm participated in the $15m Series A of digital life insurance platform Bestow.
Other deals from the firm this year include data analytics company MindBridge AI, motor vehicle trading platform Prodigy and digital home buying and selling platform Qualia.
Copyright © 2018 FinTech Global
