London-based Superscript has just raised €51 million as it continues to disrupt and shape the future of insurance for small businesses and high-growth tech companies. The insurtech startup is now planning to expand its offering and ramp up international distribution.
Founded in 2015, and known back then as Digital Risks, Superscript is a startup on a mission to provide better insurance products for digital businesses. The London-based team have been enjoying fast-paced growth since its 2020 rebrand and has now secured fresh funding, despite the market coming up against some turbulence.
- €51 million was raised in a Series B funding round
- The round was led by existing investor BHL UK, owner of Comparethemarket
- New investor and Fortune 500 insurer The Hartford also participated, alongside existing investors such as Concentric
Cameron Shearer, CEO and co-founder of Superscript, said: “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. 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. Our investors’ international presence will help support us with growth in the future, as we continue our mission to be the global leader in SME insurance.”
Superscript is offering a tailored and specialised insurance offering for small businesses, sole-traders, landlords and high-growth tech firms. Aiming to become a global leader in business insurance, the insurtech innovators cover both simple and complex risks, prioritising personalisation and customer engagement.
The company leverages proprietary triaging technology and a unique multi-carrier model, which gives it access to insurer capacity across broad markets and regions. Modern businesses with complex risks can get coverage through the advisory and broking service, known as SuperscriptQ. Whereas, less complex businesses can get covered in a matter of minutes through the online platform.
Stephanie Bush, head of Small Commercial and Personal Lines at The Hartford, said: “The global small business economy represents a huge, yet untapped, opportunity for the insurance industry. The Hartford’s Small Commercial business is a market leader in the US. Superscript, an emerging leader in small-business insurance in the UK and Europe, shares the belief that ease, accuracy and consistency are necessary components of a winning small-business carrier. Superscript finds that most newly incorporated small businesses’ first insurance touchpoint is online, so its customer-centric approach alongside its machine-learning powered underwriting insights puts it in a strong position to penetrate this market successfully.”
Since its Series A round Superscript has reported more than a fivefold increase in its customer base and secured major partners such as Amazon Business and Virgin Money Bank – reflecting strong potential for the product’s future. The firm also recently opened an additional office in Rotterdam, to support pan-Eruopean growth.
Now with a fresh €51 million in the bank, Superscript plan to further develop underwriting and broking capabilities, as well as to grow its range of insurance products and services for international distribution. There will also be a focus on building upon its existing embedded partnership capabilities.
Ian Leech, CEO of BHL UK, said: “Superscript separates itself from other insurtechs through its unique distribution and underwriting capabilities, powered by proprietary machine-learning technology. We’re very excited to be furthering our investment and look forward to supporting further product developments and international growth.”