UK InsurTech Superscript scoops £45m in Series B
By Gloria Methri
UK-based InsurTech Superscript, a digital-first insurance provider to small businesses and high-growth tech companies, has completed a £45 million Series B funding round.
The round was led by existing investor BHL UK, owner of Comparethemarket, with participation from new investor and Fortune 500 insurer The Hartford. Other existing investors including Concentric also participated.
Since it’s Series A, Superscript has seen more than a fivefold increase in its customer base and secured major partners such as Amazon Business and Virgin Money Bank. It became the first UK InsurTech to land a Lloyd’s of London broker license in 2020 and launched the first Lloyd’s-backed product for digital asset businesses last year. The company also opened an office in Rotterdam to support growth plans across Europe.
The new funding will be used to further develop Superscript’s underwriting and broking capabilities, enhanced by machine learning; as well as to grow its range of insurance products and services for international distribution. There will also be a focus on building upon its existing embedded partnership capabilities.
Cameron Shearer, CEO, and co-founder of Superscript, 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 are building at Superscript. 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.”
Ian Leech, CEO of BHL UK, said, “Superscript separates itself from other InsurTechs through its unique distribution and underwriting capabilities, powered by proprietary machine-learning technology.”
Stephanie Bush, head of Small Commercial and Personal Lines at The Hartford, added, “Superscript finds that most newly incorporated small businesses’ first insurance touchpoint is online, so its customer-centric approach alongside its machine-learning powered underwriting insights puts it in a strong position to penetrate this market successfully.”
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