Venture Funding

Socotra Secures Additional $5.2 Million

SAN FRANCISCO — Socotra, developer of a cloud-based platform for insurance companies, has raised an additional $5.2 million in funding on the heels of its $5.5 million Series A, bringing its total funding to $18 million. Investors included 8VC, which also led the Series A, the venture investment arm of insurance and financial services provider Nationwide, and MS&AD Ventures, the venture arm of Japan-based insurer Mitsui Sumitomo Insurance.

Previous investors include a subsidiary of USAA, which invested in a seed round and again in Socotra’s Series A.

Socotra is the industry’s first cloud-native platform with open configuration and APIs, empowering insurers to deploy powerful backend technology with their own engineering resources or the systems integrator of their choice. Socotra provides the core technologies upon which innovative personalized insurance products can be built. Socotra’s agility, flexibility, reliability, and modern design offer carriers lower costs, faster product releases, and easy integration with future technologies.

“The insurance industry is experiencing a technology revolution, and the winners will not be powered by today’s legacy technologies,” said Jon Soberg, managing partner, MS&AD Ventures. “Socotra has built the most complete productized SaaS platform in the market, and they have a world class engineering team. We’re excited to contribute to Socotra’s continued success.”

“We have been closely following Socotra’s progress for 18 months, and have been continually impressed by the company’s clarity of vision and speed of execution,” said Erik Ross, vice president and leader of Nationwide’s venture capital team. “We’re excited to be investors and even more excited about how our relationship could evolve to the benefit of our members.”

“In addition to a repeated commitment from 8VC, we’re thrilled that Socotra’s mission is supported by such respected industry giants as MS&AD and Nationwide,” said Dan Woods, CEO of Socotra. “With this new capital, we will accelerate product enhancements and reach even more insurers trapped by artifact IT systems.”

Nationwide and MS&AD join previous investors 8VC, Founders Fund, Greenoaks Capital, SciFi VC, SV Angel, Tuesday Capital (formerly CrunchFund), and subsidiary of USAA, and Vulcan Capital.

“We have been closely following Socotra’s progress for 18 months, and have been continually impressed by the company’s clarity of vision and speed of execution,” said Erik Ross, vice president and leader of Nationwide’s venture capital team. “We’re excited to be investors and even more excited about how our relationship could evolve to the benefit of our members.”