Superscript Raises £45 Million for Insurtech Expansion
Superscript, an innovative insurtech startup based in London, UK, has successfully raised £45 million in a Series B funding round. This significant investment was led by BHL UK, which is the owner of Comparethemarket, one of the leading price comparison websites. Notably, the round also saw participation from new investor The Hartford, a prominent Fortune 500 insurance company, along with contributions from existing investors such as Concentric and Base Capital. This financial boost reflects the growing confidence in Superscript’s business model and its potential for expansion in the insurance sector.
The funds acquired through this funding round are earmarked for several strategic initiatives that aim to bolster the company’s capabilities.
Superscript plans to enhance its underwriting and broking processes, leveraging advanced machine learning technologies to refine its services. Additionally, the startup is keen on expanding its suite of dynamic insurance products, making them available for international distribution. The company is also focused on strengthening its embedded partnership capabilities, which play a critical role in its growth strategy. Under the leadership of CEO Cameron Shearer, Superscript has already experienced remarkable success, achieving over a fivefold increase in active customers and forging significant partnerships with well-known brands like Amazon Business and Virgin Money Bank.
Since its inception, Superscript has made considerable strides within the insurance landscape, having received a Lloyd’s of London broker license in 2020. The following year, it successfully launched a product backed by Lloyd’s specifically designed for digital asset businesses. In line with its ambitious growth plans, the company has also expanded its presence internationally by opening an office in Rotterdam. This move will further support its expansion efforts across Europe, opening up new opportunities for collaboration and growth in the insurtech market. With the recent funding, Superscript is well-positioned to continue its transformative journey in the insurance industry.
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