Superscript, a London, UK-based insurtech startup that provides insurance platforms to SMEs, raised £45 million ($54 million) in Series B funding.
BHL UK, the owner of Comparethemarket, led the round, with participation from a new investor, The Hartford, and existing investors, including Concentric.
The funds will be used to further develop its underwriting and broking capabilities, enhanced by machine learning, and grow its range of dynamic insurance products and services for international distribution.
Cameron Shearer, CEO, and co-founder of Superscript said: "In the context of a challenging macroeconomic environment and a shift in global investor appetites, this funding round represents a huge vote of confidence in what we’re building at Superscript. The flexibility, customization, and affordability we offer put 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.”
Superscript became the first UK insurtech to land a Lloyd’s of London broker license in 2020 and launched the first Lloyd’s-backed product for digital asset businesses in 2022. It also opened an office in Rotterdam to support growth plans across Europe.
Company: Enro Limited
Raised: £45.0M
Round: Series B
Funding Month: January 2023
Lead Investors: BHL UK
Additional Investors: The Hartford and Concentric
Company Website: https://gosuperscript.com/
Software Category: Insurance Broker and Tech Platform
About the Company: Founded in 2015, Superscript is an insurance broker and tech platform targeting SMEs and high-growth tech firms. The company's platform uses a price comparison tool and a flexible monthly subscription model. Superscript constitutes two core insurance businesses: an online-only “self-serve” platform that’s available to U.K. customers, including SMEs, sole traders, and landlords, and an advised broking service called SuperscriptQ that’s available in the U.K. and across the European Economic Area (EEA). Its mission is to be able to share its ever-evolving customer-led offering with a broader range of businesses.
Source: https://gosuperscript.com/news-and-resources/superscript-completes-series-b/