The funds will be used to grow the company’s geographical presence in Europe, US, Japan and the UAE, as well as to rapidly augment platform capabilities including developing the existing ecosystem into a future-proofed marketplace.
As a no-code dedicated insurance platform, INSTANDA digitises the complex insurance value chain with an interface that allows business users to distribute insurance products across all lines within Property and Casualty (P&C) and Life and Health (L&H). Insurers can deploy and orchestrate their product portfolios locally and globally within days and weeks.
Following a $19.5 million raise at the beginning of 2020, INSTANDA‘s growth momentum continued through lockdown and increased further in 2021, as it added 21 new clients across the US, UK, Europe, and Japan, reaching over 70 clients globally by the first quarter of 2022.
Commenting on the fundraise, Tim Hardcastle, CEO and Co-Founder of INSTANDA, said: “INSTANDA’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. 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.”