InsurTech Send Announces $10M Series A Funding Raise to Expand in US and UK
LONDON, England, November 15, 2022 (Newswire.com) - Leading InsurTech Send Technology Solutions Ltd (Send) has today announced it has closed a Series A funding investment of $10M. The round was led by Venture Capital firm Breega with participation from Mercia and will enable Send to accelerate growth both in the U.S. and UK.
Send's core product is a SaaS underwriting workbench designed to streamline operations, automate admin-heavy tasks and free up underwriters to focus on core work. It is a one-stop desktop for underwriters providing a single place for managing new business, renewals, and endorsements.
The composable platform, built for the commercial and specialty markets, already processes over $4BN in GWP annually. The additional funding will be used to strengthen Send's product development and expand the wider team beyond the existing staff of 60.
Send co-founder and CEO Andy Moss said: "We believe we have the most advanced underwriting workbench on the market and want to retain our first-mover advantage. To do this, we need to scale up, both in the markets in which we currently operate in and in new ones. We want to enable more partner-led growth and delivery as well as bring in exceptional and diverse talent. Talent that will help shape and lead not just customer growth but our product portfolio as well.
"Choosing the right partners for this funding raise was a critical part of the process. Breega and Mercia are both committed to founders, globally ambitious and values-driven. They have strong track records in working with sustainable businesses that drive change. We are really excited to work with them."
Moss's fellow co-founder and Send COO Ben Huckel added: "We have a simple vision to be the market-leading underwriting software platform for agile insurers. We started Send in 2017 and already have a proven track record of improving underwriting processes for commercial carriers. Breega and Mercia have bought into our vision, and we are now in a prime position to accelerate our growth."
Maxence Drummond, VC Principal from Breega, commented: "We are delighted to lead this round and support Send in its conquest of new international markets. To date, Send has the most reliable and user-friendly solution in the underwriting workbench market. Send is paving the way for a more agile industry, helping insurers, reinsurers and MGAs to transform traditional practices. At Breega, we strongly believe in their potential to become a global category leader in this space."
Hugo Lough from Mercia added: "Up to 40% of an underwriter's time can be spent switching between different systems. Send's solution provides a single tool that improves productivity and provides data for decision-making. The business has rapidly gained traction and, at a time when insurers are looking to streamline processes, we believe it has huge potential. The investment will accelerate its growth in the U.S. and internationally."
As part of the funding, Breega and Mercia have taken a stake in Send and Breega VC Principal, Maxence Drummond, has joined Send's board.
The company was advised by Mountside Ventures with legal advice from ethical corporate law firm Aria Grace Law CIC, which donates all profits to charity.
Source: Send Technology Solutions Ltd