London-based insurtech startup Superscript has raised £45 million in a Series B round. The newest round of capital is aimed at increasing the company’s underwriting and broking capabilities while continuing to further develop its AI-driven offerings. Including this round, Superscript has raised $78.4 million.
Superscript’s $54 million Series B round was led by existing investor BHL Holdings (owner of Compare The Market) and saw the participation of existing investor Concentric alongside The Hartford Previous backers include Beazley Group and Seedcamp.
Authorised by the FCA and protected by the FSCS, Superscript’s business insurance offer is seemingly simple, and yet one that’s traditionally been either avoided altogether, or at the very least fraught with lengthy forms, lost sleep, and headaches o’plenty.
With the pitch, “Every business – from micro to multinational – should be able to get the right cover, made to suit its needs,” Superscript goes about the business of helping just about every SME you can think of get the right cover they need at the time they need it. And when I say just about, yes, they even include coverage for lumberjacks. And cryptocurrency exchanges.
Public liability, Employers’ liability, Business equipment and tools insurance, Business interruption insurance, you name it, Superscript can cover it.
The startup is the first UK insurtech to become a Lloyd’s of London broker and is underwritten by a number of leading names including AXA, Beazley At Lloyd’s, RSA, and MS Amlin. Amongst its client base, Superscript insures Tech Nation, paddle, Ravelin, Vestd, and Wheely.
“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," commented Superscript CEO and co-founder Cameron Shearer. "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.”