Insurtech scaleup Superscript has completed a £45m Series B funding round, in one of the first major UK tech investments of 2023.
The London-based firm was founded in 2015 under the name Digital Risks. The company provides business insurance to companies through a flexible subscription service.
Superscript has risen to relative prominence within the insurtech space in the years following its founding, serving as the insurance provider for big-name tech brands, including Amazon’s UK business.
The funding round comes during a slowdown in global tech investment, with UK funding dropping dramatically in the second half of last year.
“In the context of a challenging macroeconomic environment and shift in global investor appetites, this funding round represents a huge vote of confidence in what we’re building at Superscript,” said Cameron Shearer, co-founder and CEO of Superscript.
“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.”
The insurtech said it will put the new funding towards upgrading its tech and machine learning capabilities, geared towards developing its underwriting and broking capabilities.
The latest funding round was led by existing investor BHL UK and featured participation from insurance firm The Hartford, as well as Concentric and Base Capital.
“Superscript separates itself from other insurtechs through its unique distribution and underwriting capabilities, powered by proprietary machine-learning technology,” said Ian Leech, CEO of BHL UK.
“We’re very excited to be furthering our investment and look forward to supporting further product developments and international growth.”
The company previously raised $10.4m (£8.5m) in a Series A investment round in February 2020.
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