Socotra, a cloud-native platform insurance companies can use to build new products, has scored $15.2m in its Series B round.
The capital injection was led by Brewer Lane Ventures, with contributions also coming from Portag3 Ventures, 8VC and MS&AD Ventures.
Following the close of the round, the company is looking to further its development and boost growth.
The InsurTech is a cloud-native service with open configuration and APIs which let insurers improve their systems and create more personalized insurance products. Insurers can leverage the technology to build products for policy admin, underwriting, claims, billing and reporting.
Socotra CEO Dan Woods said, “This is an exciting time as Socotra’s momentum continues to accelerate.
“Brewer Lane Ventures and Portag3 Ventures have remarkably deep insurance expertise, so they immediately recognized what Socotra means for the insurance industry. This additional funding will further accelerate our product development, and our continued growth in the US, Europe, and Australia. Finally, we’re excited to benefit from John Kim’s insights and deep industry experience as he joins our board of directors.”
In conjunction with the deal, Brewer Lane Ventures founder and managing partner John Kim will join the Socotra board.
Last year, Socotra collected $5.2m in its former round of funding. The investment was backed by investors including 8VC, MS&AD and USAA.
The capital injection had come just months after it secured a further $5.5m in its Series A.
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