Superscript, a digital-first insurance provider to small businesses and high-growth tech firms, has scored £45m in a Series B raise.
The round was led by existing investor BHL UK and saw participation from new investor and Fortune 500 insurer The Hartford. Existing investor Concentric also took part.
Superscript covers both simple and complex risks through a highly personalised experience and deep level of customer engagement. This is enabled through its proprietary triaging technology and unique multi-carrier model, which gives it access to insurer capacity across broad markets and regions.
Modern businesses with complex risks get bespoke coverage through the advisory and broking service, known as SuperscriptQ. Whereas, less complex businesses can get covered in a matter of minutes through the online platform.
Superscript became the first UK InsurTech to land a Lloyd’s of London broker licence in 2020, and launched the first Lloyd’s-backed product for digital asset businesses last year. Superscript also opened an office in Rotterdam to support growth plans across Europe.
According to Superscript, the funding will develop its underwriting and broking capabilities, enhanced by machine learning, as well as to grow its range of dynamic insurance products and services for international distribution.
Superscript CEO and co-founder Cameron Shearer said, “In the context of a challenging macroeconomic environment and shift in global investor appetites, this funding round represents a huge vote of confidence in what we’re building at Superscript.
“The flexibility, customisation and affordability we offer puts us in a unique position to meet the insurance requirements of small businesses during turbulent times, as they navigate economic challenges this year.
“Our investors’ international presence will help support us with growth in the future, as we continue our mission to be the global leader in SME insurance.”
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