U.K’s insurgency firm superscript has raised a $54 million fund in a series B Round, as it is focused on expansion plans.
The funding round was led by existing Investor BHL holdings, alongside the participation from other existing Investors, Concentric as well as the Hartford previous backers, Beazley group and seedcamp.
The company disclosed that the new round of capital is aimed at increasing its underwriting and broking capabilities, while continuing to further develop its AI-driven offerings.
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Speaking on the latest fund raised, Superscript cofounder and CEO Cameron Shearer said,
“In the context of a challenging macroeconomic environment and shift in global investor appetites, this funding round represents a huge vote of confidence in what we’re building at Superscript.
“The flexibility, customisation and affordability we offer puts us in a unique position to meet the insurance requirements of small businesses during turbulent times, as they navigate economic challenges this year.
“Our investors’ international presence will help support us with growth in the future, as we continue our mission to be the global leader in SME insurance.”
“Historically, many investors have mirrored the tech-investment models and focused on acquisition. More recently, now with the hindsight of more mature insurtechs and a number of IPO experiences, we’ve seen investors shifting focus towards underwriting differentiation and strength”, he added
Superscript has disclosed that what sets it apart from other insurtech companies is that it uses proprietary machine learning technology, including throughout the acquisition and onboarding process in its self-service product, which guides would-be customers toward the correct channels.
Also, big data insights are a big part of its promise, where it uses machine learning models to price its risks more accurately through crunching a range of data points.
It is interesting to know that Superscript is the first UK Insurtech firm to become a Lloyd’s of London broker, and is transforming business insurance to meet the fast-changing needs of SMEs.
Its insurance products are underwritten by Standard & Poor’s A-rated financial steroid higher. This means the underwriter has been independently assessed by the world’s leading credit rating provided and found to have a strong capacity to meet financial commitments.
In 2022, the London-based insurance firm announced its expansion to the Netherlands, in its latest development toward its goal of becoming a global leader in SME insurance.