InsurTech company Send Technology Solutions has raised £9m in a Series A investment from Breega and Mercia to accelerate its growth in the UK and US.
Send’s subscription platform – which claims to be the most advanced on the market – streamlines operations and automates administrative tasks, allowing subscribers to focus on the basics. It provides a single workstation to manage new business, renewals and amendments.
London-based Send was founded in 2017 by Ben Huckel, Matt McGrillis and Andy Moss who previously worked together at a technology company serving the insurance industry. They saw the opportunity to create an integrated solution for a part of the market that was typically underserved.
Their platform, which was designed for the commercial and specialist insurance markets, now processes over £3.5 billion in gross written premiums (GWP) annually and is used by clients such as IGI, Everest Insurance, Bowhead in the United States and Renaissance Re in Bermuda. The funding is the first external investment for the company and will allow it to further improve the product, intensify sales and marketing and expand its team of 60 people.
Send co-founder andCEO Andy Moss said: “Send has the most advanced underwriting shop in the market and has a proven track record of improving underwriting processes. The funding will allow us to leverage our first-mover advantage, grow the business and grow establish Send as the market-leading subscription software platform.”
Maxence Drummond, VC Principal of Breega commented: “We are delighted to lead this funding round and support Send in its conquest of new markets. Send has the most reliable and user-friendly solution to date in the market for workbench underwriting, reinsurers and AG for transforming traditional practices. At Breega, we firmly believe in their potential to become a world leader in this field.”
Mercia invests from its Northern Venture Capital Trust (VCT) funds. Hugo Lough from Mercia added: “Up to 40% of a subscriber’s time can be spent switching between different systems. Send’s solution provides a unique tool that improves productivity and provides data for decision-making. The business quickly gained in popularity and, at a time when insurers are looking to streamline the process, we believe it has huge potential.The investment will accelerate its growth in the UK and internationally.
Mountside Ventures provided fundraising advice to the company.