London insurtech secures $19.5m funding to accelerate global expansion

A policy management platform for the insurance industry has closed a multi-million dollar Series A investment round.

Insurtech firm Instanda has raised $19.5m to boost its global expansion in a Series A funding round led by Assembly Capital Partners.

Based in London, Instanda specialises in software as a service (SaaS) insurance solutions and has over 100 employees.

This latest fundraise will support the firm’s international expansion in the United States, Europe, Asia and Latin America following a sustained period of triple digit growth.

Tim Hardcastle, INSTANDA founder and CEO, commented: “The insurance industry has come a long way since the coffee houses of the 17th century, but many insurers are still relying on IT systems that belong in the history books.

“Instanda was born out of a belief that technology should promote innovation, not hinder it. We experienced first-hand how the industry was being held back by monolithic, third-party IT systems that add layers of complexity, cost and confusion, and we wanted to change that.

“Today’s fundraising announcement is an important milestone that will help us bring better insurance to more people and businesses around the world.”

Michael Baptista of Assembly Capital Partners added: “Instanda - unlike most insurtech in the media - is a genuine innovator. The founding team identified a challenging but huge opportunity, has delivered and can now focus on scaling.

“Instanda frees insurers from inflexible legacy tech and from high-risk, high-cost, multi-year change programmes. Its no-code platform liberates insurers. It gives them the agility to price risk in ways that meet client needs in a changing world.”