Send Technology Solutions, a UK-based InsurTech aiming to transform commercial insurance with its SaaS platform, has raised $10m in Series A funding.
The round was led by Venture Capital firm Breega with participation from Mercia.
Send’s core product is a SaaS underwriting workbench designed to streamline operations, automate admin-heavy tasks and free up underwriters to focus on core work. It is a one-stop desktop for underwriters providing a single place for managing new business, renewals, and endorsements.
The InsurTech said the capital will enable it to accelerate growth both in the US and UK. It will also be used to strengthen Send’s product development and expand the wider team beyond the existing staff of 60.
According to Send, its platform, build for the commercial and specialty markets, processes over $4bn in Gross Written Product (GWP) annually.
Andy Moss, Send co-founder and CEO, 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. Talent that will help shape and lead not just customer growth but our product portfolio as well.”
“Choosing the right partners for this funding raise was a critical part of the process. Breega and Mercia are both committed to founders, globally ambitious and values-driven. They have strong track records in working with sustainable businesses that drive change. We are really excited to work with them.”
Digital life insurance startup DeadHappy recently raised $15m in its latest funding round. DeadHappy, which is based in the UK, is a digital life insurance policy provider. The company’s ambition is to get people talking about death and plan for it.
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