Socotra, an Austin, TX-based provider of a core platform for insurers to accelerate product development, raised $50M in Series C funding.
The round, which brought total funds raised to date to $96m, was led by Insight Partners, with participation from 8VC, Portage Ventures, Brewer Lane, MS&AD Ventures, and Nationwide Ventures.
The company intends to use the funds to further expand product functionality, broaden its reach throughout Europe and Australia, augment customer success infrastructure to support its customer base, and continue extending ecosystem capabilities through Socotra Marketplace, an insurance industry no-code app marketplace enabling instant integrations with third-party technology providers.
Led by CEO Dan Woods, Socotra provides an insurance technology platform, which allows global insurers and insurtech MGAs to accelerate product development, reduce maintenance costs, and improve customer experiences. The company provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle.
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.