13 February 2019Insurance

Insurtech Socotra secures $5.2m funding from MS&AD, Nationwide and 8VC

San Francisco-based Socotra, an insurtech startup, has raised an additional $5.2 million in funding from Mitsui Sumitomo, Nationwide and venture firm 8VC.

The additional capital following its $5.5 million Series A brings the total funding to $18 million for the company, which is understood to be the creator of the first cloud-native insurance core platform.

Investors included Silicon-Valley based technology investment firm 8VC, which also led the Series A, the venture investment arm of insurance and financial services provider Nationwide, and MS&AD Ventures, the venture arm of Japan-based insurer Mitsui Sumitomo Insurance. Previous investors include a subsidiary of USAA, which invested in a seed round and again in Socotra’s Series A.

Socotra has created a cloud system with open configuration and APIs, enables carriers to manage complex interactions throughout the lifecycle of policies, including single line, single state or multi-line, multi-country. According to the company, its platform offers carriers lower costs, faster product releases, and easy integration with future technologies.

In April 2018, Socotra partnered with Berlin-based digital insurance startup Coya to build an “advanced and differentiated insurance offerings”.

“The insurance industry is experiencing a technology revolution, and the winners will not be powered by today's legacy technologies. Socotra has built the most complete productized SaaS platform in the market, and they have a world class engineering team. We’re excited to contribute to Socotra’s continued success,” said Jon Soberg, managing partner, MS&AD Ventures.

Erik Ross, vice president and leader of Nationwide’s venture capital team, added: “We have been closely following Socotra’s progress for 18 months, and have been continually impressed by the company’s clarity of vision and speed of execution. We’re excited to be investors and even more excited about how our relationship could evolve to the benefit of our members.”

Dan Woods, CEO of Socotra, said: “In addition to a repeated commitment from 8VC, we’re thrilled that Socotra’s mission is supported by such respected industry giants as MS&AD and Nationwide. With this new capital, we will accelerate product enhancements and reach even more insurers trapped by artifact IT systems.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news S&P looks beyond Brexit to warn of threats from tech and potential global downturn

Aspen partners with Lodestar Marine on P&I insurance

Mitsui Sumitomo, Nationwide lead $5.2m investment in insurtech Socotra

Generali acquires majority stake in French asset manager

Ryan Specialty snaps up North Carolina managing general underwriter

RFIB expands African operations with new headquarters

Download our whitepaper: 'Why Automation & AI Matters For Commercial Lines'

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
21 February 2023   Its initial focus will be on the UK, DACH (Germany, Austria and Switzerland) and France.
Insurance
28 January 2020   Brewer Lane founder and former New York Life president John Kim joins Socotra Board.
Insurance
25 September 2018   San Francisco-based Socotra, an insurtech startup and the creator of the first cloud-native insurance core platform, has raised $5.5 million in a Series A funding round with Silicon-Valley based technology investment firm 8VC.