Socotra gets $5m support for core insurtech platform
Socotra, a supplier of cloud insurance core platform, has raised $5.2 million in funding on the heels of its $5.5 million Series A, bringing its total funding to $18 million.
Investors included 8VC, which also led the Series A; the venture investment arm of US insurance and financial services provider Nationwide; and MS&AD Ventures, the venture arm of Japan-based insurer Mitsui Sumitomo Insurance.
Socotra is a cloud-native platform with open configuration and APIs, which provides the core technologies to build “tailored insurance on top”.
Dan Woods, CEO of Socotra, says: “With this new capital, we will accelerate product enhancements and reach even more insurers trapped by artifact IT systems.”
Nationwide and MS&AD join previous investors 8VC (as mentioned above), Founders Fund, Greenoaks Capital, SciFi VC, and SV Angel.
In addition, there was Tuesday Capital (formerly CrunchFund), and subsidiary of USAA; and Vulcan Capital, which invested in a seed round and again in Socotra’s Series A.