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Socotra Raises $50 Million Series C Funding Round Led By Insight Partners To Fuel Growth As The Trusted Core Platform For Insurtechs And Innovative Carriers

Mar 14, 2022•almost 4 years ago

Amount Raised

$50 Million

Round Type

series c

Austin

Description

Socotra, the modern core platform for innovative insurers, today announced the closing of a $50 million Series C funding round led by Insight Partners, one of the world’s largest venture capital and private equity firms. 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.

Company Information

Company

Socotra

Location

Austin, Texas, United States

About

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 first no-code app marketplace enabling instant integrations with third-party technology providers. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable. “In stark contrast, Socotra is API-driven, well-documented, cloud-native, and a true off-the-shelf product. "Socotra is a truly next-generation platform, which allows customers to embrace cloud-native software via APIs and a microservices architecture.

Funding Insights

Based on industry data
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech