London-based Instanda has raised $45 million in a Series B funding round. The company provides a no-code core infrastructure for insurers, allowing them to deploy and orchestrate product portfolios quickly and easily, ten times faster the industry norm, according to Instanda. The new capital will be used to expand the company’s market presence across Europe, UAE, Japan, and US markets. Since 2016 Instanda has raised approximately $73 million.
“Instada’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,” explained CEO and co-founder Tim Hardcastle. “This is what sets Instada 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.”
Servicing some 70+ clients globally, Instada counts Atlanta (part of Ardonagh Group), Hamilton Fraser (part of GRP Group), HDI Global SE, and Standard Bank, amongst its client base, with the company adding 21 new clients in 2021 alone.
Instada’s $45 million Series B round was led by Toscafund with existing investor Dale Ventures also participating.
“Instada attracted us through its unique design thinking, strength of management, and execution across a wide range of insurance lines, products and geographies,” commented Toscafund’s George Koulouris. “There is the widespread belief that the insurance industry is ripe for change and disruption, yet very few companies prove they can really deliver significant improvements with a compelling value proposition. Instada is one of those, so the potential is unlimited.”
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