Instanda raises US$45mn to fund its next phase of growth
The no-code core insurance platform provider, Instanda, has announced the close of its latest US$45mn fundraising.
The funds will be used to grow the company’s presence in Europe, US, Japan and the UAE, as well as to augment platform capabilities including developing the existing ecosystem into a future-proofed marketplace. The round was led by Toscafund, one of Europe’s leading Growth Equity investment firms for financial services companies, with the participation of existing investor Dale Ventures.
Commenting on the fundraise, Tim Hardcastle, CEO & Co-founder of Instanda, said: “Instanda’s no-code insurance core platform was built by insurers for insurers based on the belief that technology should be used to accelerate change and innovation at low cost. This is what sets Instanda apart from the crowd. No other platform allows carriers and MGAs across all lines of insurance to fully embrace the diversity of insurance and respond to the anticipated change in consumer needs and behaviour.
Developing and expanding to meet customer needs
According to the company it is the world’s first no-code dedicated insurance platform. Instanda digitises the complex insurance value chain with its core digital PAS and an interface that allows business users to innovate, manage and distribute insurance products across all lines within P&C and Life and Health.
Insurers can deploy and orchestrate their product portfolios locally and globally within days and weeks; ten times faster than the industry norm, the company claims. After the company's US$19.5mn raise at the beginning of 2020, its growth has continued to increase, in 2021 it added 21 new clients across the US, UK, Europe, and Japan, reaching over 70 clients globally by Q1 2022.
Fabrizio Cesario, Partner at Toscafund commented: “Our investment in Instanda fits with our strategy of partnering up with exciting, founder-led, disruptive financial services businesses across Europe. We have a strong track record in selecting high growth technology-driven businesses and look forward to working with Instanda’s management team to successfully develop the business further.”
