Socotra Secures $50 Million in Series C  

by Kay Aloha Villamor in March 15th, 2022

Socotra, a San Francisco, CA-based modern core platform for innovative insurers, announced the closing of a $50 million Series C funding round led by Insight Partners, one of the world’s largest venture capital and private equity firms. 

Existing investors 8VC, Portage Ventures, Brewer Lane, MS&AD Ventures, and Nationwide Ventures also participated in this round, bringing total funds raised to date to $96 million.

Socotra will use the proceeds of this funding round to further expand product functionality, broaden its reach throughout Europe and Australia, augment customer success infrastructure to support its rapidly growing customer base, and continue extending ecosystem capabilities through Socotra Marketplace—the insurance industry’s first no-code app marketplace enabling instant integrations with third-party technology providers. 

Company: Socotra, Inc.

Raised: $50.0M

Round: Series C

Funding Month: March 2022

Lead Investors: Insight Partners

Additional Investors: 8VC, Portage Ventures, Brewer Lane, MS&AD Ventures, and Nationwide Ventures

Company Website: https://www.socotra.com/

Software Category: Modern Core platform

About the Company: Founded in 2014, Socotra is the SaaS platform built to power the growing international insurance industry. Socotra offers the insurance industry a powerful core platform as an alternative to the fragile, monolithic policy administration systems of the past. With 17 new insurtech customers in 2021 alone, Socotra now powers dozens of different insurance products for insurers across three continents. Customers include major carriers like AXA, Mutual of Omaha, Symetra, MS Amlin, and IAG, as well as leading insurtech MGAs such as Hippo and Bamboo Insurance. Socotra is bringing unparalleled speed and ease to insurance technology. With Socotra’s modern core platform, global insurers and insurtech MGAs can accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable. 

Source: https://www.socotra.com/resources/series-c-announcement/



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