INSTANDA has raised $45m to fund its next phase of growth through global expansion and next-gen platform capabilities.
The firm said in a statement that it had raised the money in a round led by Toscafund, with the participation of Dale Ventures.
It said that the funds will be used to grow the company’s geographical presence in Europe, US, Japan and the UAE, as well as to rapidly augment platform capabilities including developing the existing ecosystem into a future-proofed marketplace.
Tim Hardcastle, CEO & cofounder 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.”
Following a $19.5m raise at the beginning of 2020, INSTANDA added 21 new clients across the US, UK, Europe, and Japan, reaching over 70 clients globally by Q1 2022. According to its website, the INSTANDA platform enables carriers and MGAs to create, build and implement complex insurance products in a matter of weeks or months.
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.”
INSTANDA has also made recent hires from Aviva, Hiscox, WR Berkley, and Accenture to lead the successful expansion into both P&C and Life & Health. Hires in the last year include the appointment of Simon Candy as senior manager in propositions and business development.
