Socotra raises $50 million
Socotra closed a $50 million Series C funding round led by Insight Partners. 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.
Founded in 2014, Socotra operates in the space of core platforms and insurance. It claims its annual recurring revenue (ARR) has increased by over 9.5x over the last three years. With 17 new insurtech customers in 2021 alone, Socotra now powers dozens of different insurance products for insurers across three continents. Customers include carriers like AXA, Mutual of Omaha, Symetra, MS Amlin, and IAG, as well as insurtech MGAs such as Hippo and Bamboo Insurance.
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 no-code app marketplace enabling instant integrations with third-party technology providers.
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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.