Reinsurance technology company Supercede has secured $15m (£11.87m) in a Series A funding round led by venture capital firm Alven.
The funding round also saw participation from Mundi Ventures and existing investors such as Outward, Seedcamp, MMC Ventures and AFG Partners.
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Headquartered in London, Supercede’s platform is designed to automate and streamline the reinsurance process for better risk management and pricing outcomes as well as optimised coverage.
Supercede plans to use the new funding to advance its platform development and implementation by expanding its global team.
The platform is currently utilised by more than 140 member companies worldwide, including insurers, brokers and reinsurers, Supercede said.
It is said to streamline data preparation and deal management, benefitting reinsurance teams by improving profitability and efficiency.
Set up in 2019, Supercede reported revenue growth of more than 500% in the past year.
Supercede CEO and co-founder Jerad Leigh said: “Securing this funding is a testament to the transformative power of our platform. We are not just building a company; we are shaping the future of reinsurance.
“This investment accelerates our ability to deliver unparalleled value to our clients and drives us closer to our goal of becoming the indispensable operating system for the global reinsurance market.”
Alven principal Margaux Gregoir said: “Supercede’s impressive growth trajectory is enabled by the right combination of innovation and domain/sector expertise, the reason why this very special team has an edge in this industry.
“It is exactly what we look for in a market leader. We believe in their vision and are excited to support their journey to becoming the dominant force in the reinsurance technology sector.”
Recently, the insurtech industry has seen Sidecar Health raise $165m through a Series D funding round.
Led by Koch Disruptive Technologies, the round included contributions from both new and existing investors.
Founded in 2018, Sidecar Health’s offering aims to simplify and reduce costs in the US healthcare system by providing major medical coverage outside traditional network-based options.
