Superscript, a bespoke insurance provider for SMEs, raises $54 million
- With another $54 million in the bank, the company said that it plans to bolster its underwriting and broking capabilities, and continue investing in its machine learning tooling.While Superscript is limited to the European market, it has longer term ambitions to become a global player.
- “This again drives operational efficiency for both our process and the insurers.”The company had previously raised around $24.4 million, including a roughly $20 million tranche raised across two rounds in 2020.
- Germany’s Wefox last year raised $400 million at $4.5 billion valuation, while Ohio-based Branch reached unicorn status off the back of a $147 million raise.
- In fact, it already claims some clients in North America, Australasia, and the Middle East, though apparently they are customers who need access to the European insurance markets.Superscript’s Series B round of funding was led by Comparethemarket owner BHL UK, with participation from The Hartford, and Concentric.
- “More recently, now with the hindsight of more mature insurtechs and a number of IPO experiences, we’ve seen investors shifting focus towards underwriting differentiation and strength.
- “While fast-growth in customer numbers is typically seen as a good thing, if the underwriting is not right then claims — in other words, losses — will start to compound overtime.
Superscript, an insurance broker and tech platform targeting SMEs and highgrowth tech firms, has raised 45 million ($54 million) in a Series B round of fundingFounded out of London in 2015, Sup [+4492 chars]