Socotra, a San Francisco, CA-based creator of a cloud-native, productized insurance core platform, raised $5.5m in Series A funding.
The round was led by 8VC, which joined previous investors Founders Fund, Greenoaks Capital, SciFi VC, SV Angel, Tuesday Capital (formerly CrunchFund) and Vulcan Capital. In conjunction with the funding, 8VC founding partner, Joe Lonsdale, will join the Socotra board.
The company will use the funds for further product development and sales efforts.
Led by Dan Woods, CEO, Socotra provides a cloud-native, productized insurance core platform, with open configuration and APIs, which allows insurers to deploy backend technology with their own engineering resources and achieve new levels of agility throughout the policy lifecycle (single or multi-line, life or P&C, commercial or retail). The system supports underwriting, policy administration, claims, billing, reporting, and much more.
Customers includes startups and Fortune 500 global businesses on three continents.