Send Technology Solutions (Send), a London, UK-based InsurTech company, announced that it raised £9 million in a Series A funding round from Breega and Mercia to accelerate its growth in the UK and the US.
This funding is the first external investment for the company and will enable it to further enhance the product, step up sales and marketing, and expand its 60-strong team.
Send co-founder and CEO Andy Moss said: "Send has the most advanced underwriting workbench on the market and a proven track record of improving underwriting processes. The funding will enable us to build on our first-mover advantage, scale up the business and establish Send as the market-leading underwriting software platform."
Their platform, which was built for the commercial and specialty insurance markets, now processes over £3.5 billion in gross written premiums (GWP) annually and is used by customers including IGI, Everest Insurance, US-based Bowhead, and Bermuda-based Renaissance Re.
As part of the funding, Breega and Mercia have taken a stake in Send and Breega VC Principal, Maxence Drummond, has joined Send’s board.
Company: Send Technology Solutions Ltd
Raised: £9.0M
Round: Series A
Funding Month: November 2022
Lead Investors: Breega and Mercia
Additional Investors:
Company Website: https://send.technology/
Software Category: SaaS Insurance
About the Company: Send was founded in 2017 by Ben Huckel, Matt McGrillis, and Andy Moss, who had previously worked together in a technology company serving the insurance sector. Send is a rapidly growing InsurTech software company based in London with global reach. The company has developed an innovative connected workbench that enables reinsurers and MGAs to automate, streamline, and optimize their underwriting operations. It's a composable platform that gives teams everything they need to be more productive, in one place - a single platform for managing new business, renewals, and endorsements. The SaaS platform brings complex data out of silos into one solution, providing a consolidated view throughout the lifecycle. Its automation enables new and mature insurers to eliminate rekeying, improve predictability, and work smarter.
Source: Pauline Rawsterne-Turquoise PR