Send raises £9m — defining the next era of insurance

TL;DR

  • Paris-based VC Breega led Send’s first institutional round of £9m alongside Mercia.
  • Current market performance that reflects the momentum and potential of what the team is building
  • They are addressing high-growth markets and have the opportunity to define their categories
  • The team has gone from strength to strength over the past year, working with key players in the commercial insurance sector, processing £3.5bn in GWP (gross premiums written) through the platform and growing ARR by 175%.

Underwriting: the cornerstone of the insurance industry, but one that has so far missed out on true innovation

An underwriter’s day is tough. Low-value, manual-intensive tasks such as sourcing data for submissions and filtering out submissions still require time and effort. Data accuracy is also an issue. They are often imperfect, siled and disparate, resulting in frequent back-and-forth between brokers and underwriters.

It is clear that the market is frustrated by the lack of innovation. Accenture is 82% of insurers We believe we need to innovate faster than ever to maintain our competitive edge, many of which have struggled to implement changes to underwriting processes that are bound by rigid legacy systems18. I have to wait more than a month.

Connected Workbench for Enter, Send Agile Insurers

Send’s Underwriting Workbench allows insurers to get a consolidated view of all tasks and risks and track work throughout the lifecycle. By automating administrator-heavy tasks with powerful AI, insurers, reinsurers, and MGAs can streamline their underwriting processes, improve predictability, expand capabilities, and ultimately has helped you focus on the work that matters.

The company creates new MVPs with minimal risk, makes changes safely backed up by enterprise-grade security, and has a fluid, modular platform with the ability to easily steer strategic business and future market winds. The platform has set a new standard for configurable insurance. change. Customers can build, test, and release features in days (instead of months) with end-user engagement and real-time feedback.

Maxence Drummond, VC Principal at Breega, commented:

We are happy to lead this round and support Send in conquering new markets. To date, Send offers the most reliable and user-friendly solution on the underwriting workbench market. Send helps insurers, reinsurers and MGAs transform traditional practices, paving the way for a more agile industry. At Breega, we strongly believe in our potential to become a global category leader in this space.

why we love

Andy, Ben and Matt

The team’s first customer (a top 4 UK insurer) wanted to become more agile and regain control of underwriting and risk data against a fierce incumbent at RFP. Send has now delivered an innovative underwriting workbench with over 25 business units, his GWP of £1 billion and over 400 users.

Since then, Send has gone from strength to strength without any outside investment. The team has expanded its distribution capabilities, forged formal partnerships with leading companies, and earned more than its fair share of awards along the way.

We started working with the founders in April when they introduced their first US customer, Bowhead. Bowhead is a significant player in the specialty insurer market and saw a distinct opportunity to create an integrated underwriting solution for a previously underperforming part of the market. – provided.

Send now has over 60 staff members and eight customers, with a growing pipeline of opportunities in multiple geographies.

Jonathan Hollis, Managing Partner at Mountside Ventures, said:

Andy, Ben, Matt, and the Send team are thrilled to have completed the round, especially in such a challenging funding market, as they build a category-defining business in a market ripe for innovation. I look forward to seeing the

Send co-founder and CEO Andy Moss said:

The team at Mountside was on hand and available every step of the fundraising process. They guided us in building a robust financial model, putting together a story that would appeal to investors, leveraging their network to identify relevant funds, and really took the time to understand our needs and vision for the future. He was there.

Hugo Lough of Mercia added:

As our next investor, Mountside helped us quickly grasp the agreed terms and understand Breega’s approach. This ultimately allowed us to build confidence not only within the company, but to those around the table. It’s clear that you’ve done a lot of work to help.

what’s next?

The team is focused on maintaining a first-mover advantage, accelerating product development, expanding sales and marketing capabilities, building partner programs, and bringing in great and diverse talent.

Send is expected to soon become a leader in the commercial insurance industry. We wish Send every success with continued business execution.

If you’re a founder as ambitious as this team, get in touch — send us your company details hereWe aim to reply to everyone within 48 hours!

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