Barcelona-based insurtech startup inari has raised $5.2 million in a Seed funding round led by Caixa Capital Risc, through Criteria Venture Tech, alongside CDTI, a public organisation for technology development in Spain, and an undisclosed leading industry partner. The dunds will enable inari’s longer-term growth strategy which, according to the startup, involves the expansion of its teams in both London and Barcelona, the development of more features to add to its (re)insurance offering, and new market entries.
The firm which was founded in 2017 lends itself to both the well-established and newcomer organisations in the insurance and reinsurance sector by removing much of the heavy lifting in process management via its secure, cloud-based, natively API-enabled, fully managed services. It counts MGAs, Insurance Carriers, and Loyd’s among its clients.
“Today’s announcement validates inari’s vision, value, and year-on-year track record as part of our mission to revolutionise the (re)insurance industry, establishing inari as a core technology provider that is trusted and valued by the insurance industry and is attracting talent and investors,” said Frank Perkins, Chief Executive Officer at inari. "I am incredibly proud of our team and would like to thank them for what we have achieved together. It is our people’s hard work, resilience, expertise, creativity and innovation that has driven and continues to drive our successes and we are equally thankful to the modern and forward-thinking client base that has supported inari since its beginning."
"inari's innovative approach to insurance infrastructure has the power to redefine how we perceive risk and resilience in the insurance sector. Our investment signifies our belief in their vision and our commitment to fostering innovation in industries ripe for change. We're excited to join this journey with Inari to help them grow and revolutionize this critical industry segment," says Xavier Álvarez, director of Tech Funds at Caixa Capital Risc.
Lead image: inari