Inari, described as a “core technology infrastructure provider for the global insurance and reinsurance industry”, has successfully secured $5.2m in a seed funding round. This was led by Caixa Capital Risc, operating through Criteria Venture Tech.
The funding positions the Barcelona-based firm, Inari, as a global frontrunner in (re)insurance technology services. This boost in finances will further accelerate Inari’s ambitious long-term growth strategy. This includes plans to expand their teams in both Barcelona and London, stepping into new regions to grow its geographical influence, and developing additional features using their innovative technology to meet the demands of their existing and potential (re)insurance clientele.
Established in 2017, Inari’s mission is to empower its clients to function as next-gen insurance and reinsurance entities. This holds true for both newly established ventures and long-standing industry veterans. They boast a global clientele that includes MGAs, Insurance Carriers, Lloyd’s Syndicates, and Reinsurance companies scattered across regions such as Europe, the US, Asia, and Bermuda.
Inari offers a comprehensive suite of services such as core insurance policy administration, underwriting dashboards, and bordereaux management systems. Their platforms, which are cloud-based and natively API-enabled, aim to simplify the intricate policy lifecycle and manage the challenging aspects of daily (re)insurance processes. With proprietary technology for data capture, the platform facilitates agile, digital-first underwriting and risk management, promising enhanced operational efficiency, data accuracy, and cost reductions.
The recent funding round saw participation from three key investors: the leading investor, Caixa Capital Risc, a venture capital offshoot of Spanish holding company CriteriaCaixa, CDTI – a prominent public tech development organisation in Spain, and another industry leader.
Inari CEO Frank Perkins commented, “Today’s announcement validates inari’s vision, value and year-on-year track record as part of our mission to revolutionize the (re)insurance industry, establishing inari as a core technology provider that is trusted and valued by the insurance industry and is attracting talent and investors. The funding will support enhancements to our product offering, enable us to add to our team’s insurance industry and technology expertise and to expand globally”
Furthermore, Mr Perkins expressed his optimism and gratitude for the team’s relentless efforts and the unwavering support of their progressive client base.
Expressing his enthusiasm for the partnership, Xavier Álvarez, director of Tech Funds at Caixa Capital Risc, remarked: “inari’s innovative approach to insurance infrastructure has the power to redefine how we perceive risk and resilience in the insurance sector. Our investment signifies our belief in their vision and our commitment to fostering innovation in industries ripe for change. We’re excited to join this journey with inari to help them grow and revolutionize this critical industry segment.”
For a bit of history, Inari was co-founded by Frank Perkins alongside Veronique Gob, Jochi Jimenez, and Teresa Madariaga. This team of co-founders, all (re)insurance industry veterans, have previously held high-ranking roles in companies like Frankona Re, HCC Global Financial Products, and ANV, boasting extensive experience in markets including Lloyd’s, the US, and Continental Europe.
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