UK insurtech Send Technology Solutions has raised £9mn in Series A funding as it targets expansion both in the UK and US.
The investment round is being led by venture capital firm Breega with participation from Mercia. As part of the round, Breega and Mercia have both taken an undisclosed stake in Send, while Breega’s Maxence Drummond has also joined the board. In order to support the company’s expansion plans, Send will also use the latest backing to amplify product development and recruit additional talent to join its 60-strong team.
Founded in 2017, Send’s core product is a SaaS underwriting workbench that aims to free up underwriters by streamlining operations and automating some tasks. It provides a single place for underwriters to manage new business, renewals and endorsements. The composable platform, built for the commercial and specialty markets, already processes over £3.5bn in gross written premiums (GWP) every year.
According to Hugo Lough from Mercia, underwriters spend as much as 40% of their time switching between different systems, helping to explain why Send’s platform has gained traction so rapidly in such a short period of time.
Send wants to be the ‘leading underwriting software’
Send Co-Founder and CEO Andy Moss says: “We believe we have the most advanced underwriting workbench on the market and want to retain our first-mover advantage. To do this, we need to scale up, both in the markets in which we currently operate in and in new ones. We want to enable more partner-led growth and delivery as well as bring in exceptional and diverse talent – talent that will help shape and lead not just customer growth but our product portfolio as well.
“Choosing the right partners for this funding raise was a critical part of the process. Breega and Mercia are both committed to founders, globally ambitious and values-driven. They have strong track records in working with sustainable businesses that drive change. We are really excited to work with them.”
Send COO and fellow Co-Founder Ben Huckel adds: “We have a simple vision to be the market-leading underwriting software platform for agile insurers. We started Send in 2017 and already have a proven track record of improving underwriting processes for commercial insurers. Breega and Mercia have bought into our vision, and we are now in a prime position to accelerate our growth.”
Maxence Drummond, VC Principal at Breega, comments: “We are delighted to lead this round and support Send in its conquest of new international 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."