Socotra provides a core insurance technology platform with open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle. The platform enables global insurers and insurtech MGAs to accelerate product development, reduce maintenance costs, and improve customer experiences. Customers include major carriers such as AXA, Mutual of Omaha, Symetra, MS Amlin and IAG, as well as insurtech MGAs like Hippo and Bamboo Insurance. Socotra now powers dozens of different insurance products across three continents. The company intends to use new funds to expand product functionality, broaden its reach in Europe and Australia, augment customer success infrastructure, and extend ecosystem capabilities through Socotra Marketplace, a no-code app marketplace for instant integrations with third-party providers. The company is led by CEO Dan Woods. Socotra offers a cloud-native backend with open configuration and APIs that unifies underwriting, policy management, claims, reinsurance, reporting, and more. The platform is designed to let insurers rapidly develop and deploy new products using their choice of engineering resources. Socotra positions itself as the insurance industry’s first cloud-native core with open configuration and API-first architecture. Customers named in the article include Nationwide, Mutual of Omaha, IAG, and AXA. The company plans to use new funding to accelerate product development and expand its growth in the US, Europe, and Australia. Socotra was founded in 2014 and is based in San Francisco. Socotra provides a cloud-native, productized insurance core platform with open configuration and APIs that lets insurers deploy backend technology using their own engineering teams or a systems integrator of choice. The platform supports the full policy lifecycle, including underwriting, policy administration, claims, billing and reporting, for single- or multi-line life and P&C products across commercial and retail segments. Led by CEO Dan Woods, the company bills its core technology as the foundation for building innovative, personalized insurance products. Socotra serves carriers across three continents, from startups to Fortune 500 businesses. The company reported an additional funding infusion that brought its total funding to $18M. No revenue or user metrics were disclosed in the article. Socotra provides a cloud-native, productized insurance core platform with open configuration and APIs that lets insurers deploy backend technology using their own engineering resources. The platform supports underwriting, policy administration, claims, billing, reporting and other functions across the policy lifecycle for single- or multi-line, life or P&C, commercial or retail insurance. Led by CEO Dan Woods, the company serves customers ranging from startups to Fortune 500 global businesses on three continents. Socotra raised $5.5M in a Series A round led by 8VC and will use the funds for further product development and sales efforts. The round included previous investors Founders Fund, Greenoaks Capital, SciFi VC, SV Angel, Tuesday Capital (formerly CrunchFund) and Vulcan Capital. As part of the financing, 8VC founding partner Joe Lonsdale will join Socotra's board. Socotra is a cloud-native, productized insurance core platform that supports underwriting, policy administration, claims, billing, reporting and other core insurer functions. The platform enables carriers to configure, deploy, and update new insurance products quickly and manage complex policy lifecycles across single-line to multi-line and multi-country scenarios. Socotra emphasizes agility, flexibility, reliability, and a modern design that offers carriers lower costs, faster product releases, and easy integration with future technologies. Founded in 2014 and based in San Francisco, Socotra's customers range from multinational carriers to insurtech startups across the United States, Europe, Asia, and Australia. In February 2018 a subsidiary of USAA made a strategic investment in Socotra; terms of the investment were not disclosed. The USAA investment joins prior investors CrunchFund, Founders Fund, Greenoaks Capital, SciFi VC, SV Angel, Vulcan Capital, and angel investors Ron Conway, Michael Ovitz and Joe Lonsdale.

Total raised

$76M

Funding rounds

5

Latest round

Series C

Latest activity

Mar 2022