(Image source: Send homepage.)
Send Technology Solutions Ltd, a London-based InsurTech, has closed a Series A funding investment of £9m. The round was led by Venture Capital firm Breega (Paris) with participation from Mercia (Henley-in-Arden, Warwickshire, U.K.) and will be used to accelerate Send’s growth both in the U.K. and U.S., according to a statement from the company.
Send’s core product is a SaaS underwriting workbench designed to streamline operations, automate admin-heavy tasks and free up underwriters to focus on core work. The vendor describes the solution as a one-stop desktop for underwriters providing a single place for managing new business, renewals, and endorsements. The composable platform, built for the commercial and specialty markets, already processes over £3.5bn in GWP annually, Send says. The company reports that additional funding will be used to strengthen Send’s product development and expand the wider team beyond the existing staff of 60.
“We believe we have the most advanced underwriting workbench on the market and want to retain our first-mover advantage,” says Andy Moss, co-founder and CEO, Send. “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, Moss adds. “Breega and Mercia are both committed to founders, globally ambitious and values-driven,” he says. “They have strong track records in working with sustainable businesses that drive change. We are really excited to work with them.”
Send has a simple vision of being the market-leading underwriting software platform for agile insurers, according to Ben Huckel, co-founder and COO, Send. “We started Send in 2017 and already have a proven track record of improving underwriting processes for commercial insurers,” he says. “Breega and Mercia have bought into our vision, and we are now in a prime position to accelerate our growth.”
“We are delighted to lead this round and support Send in its conquest of new international markets,” comments Maxence Drummond, VC Principal, Breega. “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.”
Up to 40 percent of an underwriter’s time can be spent switching between different systems, stresses Hugo Lough, Investment Manager, VCT Funds, Mercia. “Send’s solution provides a single tool that improves productivity and provides data for decision-making. The business has rapidly gained traction and, at a time when insurers are looking to streamline processes, we believe it has huge potential. The investment will accelerate its growth in the UK and internationally.”
As part of the funding, Breega and Mercia have taken a stake in Send and Breega VC Principal, Maxence Drummond, has joined Send’s board.
The company was advised by Mountside Ventures (London) with legal advice from ethical corporate law firm, Aria Grace Law CIC (London), which donates all profits to charity.