Socotra Raises $5.5M
Socotra , a cloud-based technology platform for insurers, announced today a $5.5m Series A funding round from 8VC. Founded in 2014, Socotra offers a cloud-native backend with open configuration and APIs, allowing insurers to deploy backend technology with their own engineering resources.
“8VC’s founding vision is to support big technology leaps for big industries. Insurance is one of the world’s largest industries, and Socotra has the strongest team I’ve seen in the space and is building an advanced platform to power the future of the industry. We’re excited to be part of the impact Socotra is already beginning to have.” – General Partner at 8VC, Joe Lonsdale.
“Insurance executives see plainly that their internal systems haven’t kept up with systems in the outside world. This industry is too big and too important to sit out while the rest of the world advances. Socotra is now providing the insurance industry with the software it deserves. With 8VC’s help, we can further enrich our platform and serve even more customers.” – CEO of Socotra, Dan Woods.
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Socotra a San Francisco-based company with the only cloud-native core platform that enables insurance companies to rapidly develop and deploy new products, announced that it has raised $15.2 million in a Series B funding round led by Brewer Lane Ventures with participation from Portag3 Ventures, 8VC, and MS&AD Ventures.