Among the participants supporting the funding round were Uncharted’s foundation shareholders. The funds will reportedly be put towards driving the insurtech’s ongoing expansion efforts into new markets in the Asia-Pacific region, Europe and North America, as well as funding R&D as it builds on its established platform and works to enhances the capabilities of its products, data analytics solutions and underlying technology.

“Following the successful merger of our Shift Insurtech and Uncharted businesses, this investment is an incredible validation of the work the team at Uncharted has done over the past three years, and gives us the confidence and ability to execute our sales and product development strategy,” commented Nick Macey, Uncharted’s Founder and CEO. “As we continue to invest in our engineering and product teams in Singapore, our clients are looking for us to deploy our technology in their regional and global markets. This testament to the insurtech opportunity and the ability for modern technology to drive the innovation that is much needed in the global insurance market.”