Ben Rose & Cameron Shearer/Superscript.
Superscript bags £45m Series B to “transform” SME insurance
The online insurance provider that counts Amazon Business as a customer has now raised £65m to date.
Insurtech Superscript is starting the year off strong with a £45m Series B raise.
The digital-first insurance provider, founded in London in 2015, caters to small businesses and “high-growth” tech companies.
Having seen more than a fivefold increase in its customer base since its £8.5m Series A raise in 2020, the company now counts Amazon Business and Virgin Money Bank among its partners.
This funding round was led by existing investor BHL UK, which owns Comparethemarket, and saw participation from Fortune 500 insurer The Hartford and Concentric among others.
“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,” Superscript co-founder and CEO Cameron Shearer said.
“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.”
Superscript plans to use the funds to further develop its underwriting and broking capabilities, enhanced by machine learning.
The company has a fully “self-serve” online platform that allows customers to buy and manage insurance online with the help of machine learning technology.
It will also expand its range of insurance and products and services for “international distribution” following the opening of its office in Rotterdam last year to support its growth plans in Europe.
“Superscript, an emerging leader in small-business insurance in the UK and Europe, shares the belief that ease, accuracy and consistency are necessary components of a winning small-business carrier,” the Hartford executive VP Stephanie Bush said.
“Superscript finds that most newly incorporated small businesses' first insurance touchpoint is online, so its customer-centric approach alongside its machine-learning powered underwriting insights puts it in a strong position to penetrate this market successfully.