Inari raises $5.2m funding to ‘transform’ insurance infrastructure market
Insurtech Inari has raised $5.2 million in funding, aiming to “transform” the insurance infrastructure market.
The funding was a part of its Seed round led by Caixa Capital Risc, through Criteria Venture Tech.
The proceeds from the round will go towards team expansion in Barcelona and London, venturing into new territories expanding its geographical footprint and building more features based on its technology.
Founded in 2017, inari’s client base includes MGAs, Insurance Carriers, Lloyd’s Syndicates and reinsurance companies in Europe, the Lloyd’s and London markets, US, Asia and Bermuda.
It provides core insurance policy administration, underwriting dashboard and bordereaux management systems for MGAs, insurance carriers, Lloyd’s Syndicates and reinsurance companies worldwide.
“Today’s announcement validates inari’s vision, value and year-on-year track record as part of our mission to revolutionize the (re)insurance industry, establishing inari as a core technology provider that is trusted and valued by the insurance industry and is attracting talent and investors,” said Frank Perkins, chief executive officer at inari. “The funding will support enhancements to our product offering, enable us to add to our team’s insurance industry and technology expertise and to expand globally.
“I am incredibly proud of our team and would like to thank them for what we have achieved together. It is our people’s hard work, resilience, expertise, creativity and innovation that has driven and continues to drive our successes and we are equally thankful to the modern and forward-thinking client base that has supported inari since its beginning.
He added: “I am highly optimistic about what the future holds as we strive to create solutions that are truly transformative and provide world class outcomes for our client’s operational needs.”
Xavier Álvarez, director of Tech Funds at Caixa Capital Risc, said: “inari's innovative approach to insurance infrastructure has the power to redefine how we perceive risk and resilience in the insurance sector. Our investment signifies our belief in their vision and our commitment to fostering innovation in industries ripe for change. We're excited to join this journey with Inari to help them grow and revolutionize this critical industry segment.”
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