InsurTech bags £9m investment to fuel growth
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 the US.
The funding is the first external investment for the London-based company and will enable it to further enhance the product, step up sales and marketing and expand its 60-strong team.
Send was established in 2017 by Ben Huckel, Matt McGrillis and Andy Moss, who had previously worked together in a technology company serving the insurance sector. They saw the opportunity to create an integrated solution for a part of the market which had typically been under-served.
Send’s underwriting platform streamlines operations and automates administration tasks, freeing up underwriters to focus on core work. It provides a one-stop desktop for managing new business, renewals, and endorsements.
The company’s platform, which was built for the commercial and specialty insurance markets, now processes over £3.5bn in gross written premiums (GWP) annually and is used by customers including IGI, Everest Insurance, US-based Bowhead and Bermuda-based Renaissance Re.
Send co-founder and CEO Andy Moss said: “The funding will enable us to build on our first-mover advantage, scale up the business and establish Send as the market-leading underwriting software platform.”
Maxence Drummond, VC Principal from Breega commented: “We are delighted to lead this round and support Send in its conquest of new 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.”
Mercia is investing from its Northern Venture Capital Trust (VCT) funds. Hugo Lough from Mercia added: “Up to 40 per cent 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.”
Mountside Ventures provided fundraising advice to the company.