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November 15, 2022 – Leading InsurTech Send Technology Solutions Ltd (Send) has today announced it has closed a Series A funding investment of $10m.
The round was led by Venture Capital firm Breega with participation from Mercia and will enable Send to accelerate growth both in the US and UK.
Send’s core product is a SaaS underwriting workbench designed to streamline operations, automate admin-heavy tasks and free up underwriters to focus on core work. It is a one-stop desktop for underwriters providing a single place for managing new business, renewals, and endorsements.
The composable platform, built for the commercial and specialty markets, already processes over $4bn in GWP annually. The additional funding will be used to strengthen Send’s product development and expand the wider team beyond the existing staff of 60.
Send co-founder and CEO Andy Moss said: “We believe we have the most advanced underwriting workbench on the market and want to retain our first-mover advantage. To do this, we need to scale up, both in the markets in which we currently operate in, and in new ones. We want to enable more partner-led growth and delivery as well as bring in exceptional and diverse talent. Talent that will help shape and lead not just customer growth but our product portfolio as well.
“Choosing the right partners for this funding raise was a critical part of the process. Breega and Mercia are both committed to founders, globally ambitious and values-driven. They have strong track records in working with sustainable businesses that drive change. We are really excited to work with them.”
Moss’s fellow co-founder and Send COO, Ben Huckel added: “We have a simple vision to be the market-leading underwriting software platform for agile insurers. We started Send in 2017 and already have a proven track record of improving underwriting processes for commercial carriers. Breega and Mercia have bought into our vision, and we are now in a prime position to accelerate our growth.”
Maxence Drummond, VC Principal from Breega commented: “We are delighted to lead this round and support Send in its conquest of new international markets. To date, Send has the most reliable and user-friendly solution in the underwriting workbench market. Send is paving the way for a more agile industry, helping insurers, reinsurers and MGAs to transform traditional practices. At Breega, we strongly believe in their potential to become a global category leader in this space.”
Hugo Lough from Mercia added: “Up to 40% of an underwriter’s time can be spent switching between different systems. Send’s solution provides a single tool that improves productivity and provides data for decision-making. The business has rapidly gained traction and, at a time when insurers are looking to streamline processes, we believe it has huge potential. The investment will accelerate its growth in the US and internationally.”
As part of the funding, Breega and Mercia have taken a stake in Send and Breega VC Principal, Maxence Drummond, has joined Send’s board.
The company was advised by Mountside Ventures with legal advice from ethical corporate law firm, Aria Grace Law CIC, which donates all profits to charity.
For more information, contact:
Kirsty Plank: email@example.com, +44 20 7265 7887
Notes to Editors:
Send is a rapidly growing InsurTech software company based in London with global reach. The company has developed an innovative connected workbench that enables re/insurers and MGAs to automate, streamline and optimise their underwriting operations. It’s a composable platform that gives teams everything they need to be more productive, in one place – a single platform for managing new business, renewals and endorsements.
The SaaS platform brings complex data out of silos into one solution, providing a consolidated view throughout the lifecycle. Its automation enables new and mature insurers to eliminate rekeying, improve predictability, and work smarter.
Breega propels pioneering and purpose-driven founders from idea into impact. We closed our first fund in 2015 and now have +€500m AUM and 70 trailblazing portfolio companies. Crafted for founders by founders, we built Breega to provide start-ups with the help we wish we’d had. And we’ve created an investment proposition that’s purposefully designed. We call it full stack funding: providing capital and connections, expertise and experience, support and solidarity for entrepreneurs at every step of their journey. We invest across Europe and internationally, focusing on pre-seed to Series A and above.
About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group’s ‘Complete Connected Capital’. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.
The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£940million of assets under management and, since its IPO in December 2014, has invested c.£111million gross into its direct investment portfolio.
The Group raises its own Enterprise Investment Scheme (EIS) Funds and manages Venture Capital Trusts (VCTs) details about open offers can be found through Mercia’s website.
Mercia Asset Management PLC is quoted on AIM with the epic “MERC” and includes the following wholly owned subsidiaries –