Socotra, the modern core platform provider for innovative insurers and insurtech MGAs, today announced exceptional positive momentum for the first half of 2022 with 97% revenue growth, 63% team expansion, awards, a new funding round, and an acquisition.
It’s been a tough time recently for some insurtechs, as IE has noted several Twitter and LinkedIn posts relating how much more difficult it is to raise cash this year. Lemonade, Zego and Metromile have also had a pause for breath and some rethinking on staffing levels and strategy. As consumers spend more on food, fuel, energy bills etc they will start to look for ways to cut back on monthly outgoings – PAYG insurance could well be one of those expenses.
“Despite the uncertainty of the current economic climate, Socotra continues to demonstrate strong growth and success,” said Dan Woods, Founder and CEO of Socotra. “The insurance industry has a full digital transformation ahead of it and is now recognizing the benefits of modern, off-the-shelf technology. As a result, more insurers and MGAs are choosing Socotra, which offers a proven front-to-back platform for bringing new insurance products to market quickly and affordably.”
In the first half of 2022, Socotra had the following achievements:
Revenue and customer growth
- Increased annual recurring revenue (ARR) 97% year over year
- Gained 13 new customers
- Four customers went live on Socotra Policy Core, including Elpha Secure (cyber liability) and Lavalier, a subsidiary of W.R. Berkley (jewelry insurance)
Funding and M&A
- Closed a $50 million Series C round led by Insight Partners, one of the world’s largest venture capital and private equity firms
- Acquired Avolanta to deliver the insurance industry’s only unified agent and customer portal
Organization and industry awards
- Headcount grew 63%, including key management hires
- Recognized in CB Insights’ Insurtech 50 list of most innovative private insurtech companies out of a pool of 2,000 companies
- Winner of Comparably’s 2022 Awards for Best Leadership Teams, Best Career Growth, and Best Company Outlook (selected out of 70,000 companies across the U.S.)
Stay tuned for more announcements from Socotra at InsureTech Connect (ITC), the insurance industry’s largest event. Socotra will be ITC title sponsor and host the Modern CoreTech Forum on Tuesday, September 20 at the Mandalay Bay in Las Vegas.
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