Insurtech Send bags $10m+ to fund growth in UK, US and new markets
Insurtech Send Technology Solutions has secured £9 million ($10.7 million) Series A funding to accelerate its growth in the UK and US.
The investment was led by venture capital firm Breega with participation from Mercia. Both companies have taken a stake in Send and Breega VC principal Maxence Drummond has joined the insurtech’s board.
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 of managing new business, renewals, and endorsements.
The platform, built for the commercial and specialty markets, currently processes over £3.5 billion 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.”
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 insurers. Breega and Mercia have bought into our vision, and we are now in a prime position to accelerate our growth.”
Drummond 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 UK and internationally.”
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