Insurtech Socotra secures $5.5m funding to modernise insurance technology
San Francisco-based Socotra, an insurtech startup and the creator of the first cloud-native insurance core platform, has raised $5.5 million in a Series A funding round with Silicon-Valley based technology investment firm 8VC.
In addition to the funding, 8VC founding partner Joe Lonsdale will join the Socotra board.
The company has raised a total of $12.8 million funding to date. It said that it will use the latest round to fund further product development and to accelerate sales.
“Insurance executives see plainly that their internal systems haven’t kept up with systems in the outside world. This industry is too big and too important to sit out while the rest of the world advances,” said Dan Woods, CEO of Socotra. “Socotra is now providing the insurance industry with the software it deserves. With 8VC’s help, we can further enrich our platform and serve even more customers.”
Lonsdale commented: “8VC’s founding vision is to support big technology leaps for big industries. Insurance is one of the world’s largest industries, and Socotra has the strongest team I’ve seen in the space and is building an advanced platform to power the future of the industry. We’re excited to be part of the impact Socotra is already beginning to have.”
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