SAN FRANCISCO – Socotra, developer of a cloud-based insurance core platform, has raised $5.5 million in a Series A funding round with 8VC. In addition to the funding, 8VC founding partner, Joe Lonsdale, will join the Socotra board. The company will use the round to fund further product development and to accelerate sales.
8VC joins previous investors Founders Fund, Greenoaks Capital, SciFi VC, SV Angel, Tuesday Capital (formerly CrunchFund) and Vulcan Capital.
Socotra is the industry’s first cloud-native backend with open configuration and APIs, empowering insurers to deploy powerful backend technology with their own engineering resources. With customers on three continents ranging from startups to Fortune 500 global businesses, Socotra enables carriers to achieve new levels of agility throughout the policy lifecycle (single or multi-line, life or P&C, commercial or retail). Socotra’s agility, flexibility, reliability, and modern design offers carriers lower costs, faster product releases, and easy integration with future technologies.
“8VC’s founding vision is to support big technology leaps for big industries,” said Lonsdale. “Insurance is one of the world’s largest industries, and Socotra has the strongest team I’ve seen in the space and is building an advanced platform to power the future of the industry. We’re excited to be part of the impact Socotra is already beginning to have.”
“Insurance executives see plainly that their internal systems haven’t kept up with systems in the outside world. This industry is too big and too important to sit out while the rest of the world advances,” said Dan Woods, CEO, Socotra. “Socotra is now providing the insurance industry with the software it deserves. With 8VC’s help, we can further enrich our platform and serve even more customers.”