UK-based insurtech Superscript has secured £45m in a series B funding round.
The funding will be used to develop its underwriting and broking capabilities, and grow its insurance products and services for international distribution.
The insurtech, founded in 2015, also wants to expand its embedded partnership capabilities.
BHL UK led the latest round, along with existing investor Concentric, and new investor and Fortune 500 insurer The Hartford.
Superscript raised $10.4m in its series A round in 2020, led by BHL Holdings.
Since its series A, Superscript has partnered with Amazon Business and Virgin Money Bank, landed a Lloyd’s of London broker licence, and launched a product for digital asset businesses.
Cameron Shearer, chief executive officer and co-founder of Superscript, commented: “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.”
Ian Leech, chief executive officer of BHL UK, said: “Superscript separates itself from other insurtechs through its unique distribution and underwriting capabilities, powered by proprietary machine-learning technology.”
Stephanie Bush, head of small commercial and personal lines at The Hartford, added: “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.”