Superscript Receives £45M From Series B To Change SME Insurance
The internet insurance company has already raised £65 million, including Amazon Business, among its clients.
With a £45 million Series B fundraising, Insurtech Superscript was off to a solid start in 2019.
The London-based, digitally-first insurance company was established in 2015 and served “high-growth” IT startups and small enterprises.
Since its £8.5 million Series A round in 2020, the company’s client base has multiplied by five, and it now counts Virgin Money Bank and Amazon Business among its partners.
Hartford, a Fortune 500 company, and Concentric were among the other participants in this fundraising round, headed by current investor BHL UK, the company that controls Comparethemarket.
According to Cameron Shearer, co-founder and CEO of Superscript, “The flexibility, customization, and affordability we offer put us in a unique position to meet the insurance requirements of small businesses during turbulent times as they navigate economic challenges this year.”
“Our investors’ international presence will help support us with growth in the future as we continue our mission to be the global leader in SME insurance.”
Superscript intends to utilize the funding to expand its machine learning-enhanced underwriting and brokerage capabilities.
With machine learning technology, the company’s entirely “self-serve” web platform enables clients to purchase and administer insurance online.
Following the launch of its office in Rotterdam last year to assist its expansion objectives in Europe, it will also broaden its selection of insurance and goods and services for “international distribution.”
“Superscript, an emerging leader in small-business insurance in the UK and Europe, shares the belief that ease, accuracy, and consistency are necessary components of a winning small-business carrier,” Hartford executive VP Stephanie Bush said.
Superscript discovers that most newly formed small businesses’ initial insurance touchpoint is online. Thus its client-centric strategy combined with its machine-learning-powered underwriting insights puts it in a great position to enter this market effectively.
