UK InsurTech Startup Instanda Raises $45M

Instanda, provider of a “no-code core insurance platform,” Monday (June 20) announced it raised $45 million in a Series B funding round that was led by Toscafund and included existing investor Dale Ventures.

Toscafund is a European growth equity fund that raises capital from, among others, institutional sources and U.S. pension funds. Today’s announcement did not indicate the valuation for Instanda attached to the new investments.

Instanda stated in the announcement that the new capital will help the company expand globally, particularly in Europe, Japan, the United Arab Emirates and the United States — and develop the next generation of its platform.

According to Instanda, the company’s customers use the platform to work with a variety of property-and-casualty, life and health insurance products.

At the beginning of 2020, the company stated in the most-recent announcement, Instanda raised $19.5 million and despite the pandemic, by the end of the first calendar quarter of this year had 70 clients.

Instanda Chief Executive and Co-founder Tim Hardcastle said of the $45 million that the company’s “core platform was built by insurers for insurers based on the belief that technology should be used to accelerate change and innovation at low cost.”

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He added: “Being able to digitize all aspects of the insurance value chain will allow insurance providers to transform the customer experience even further, while dramatically reducing processing costs, thus enabling them to bring a better insurance experience to more people and businesses around the world.”

Hardcastle founded Instanda in 2012. His no-code interface allows insurance providers to digitize their customer experience, allowing rates, questions, documents to be quickly changed, and new products easily introduced.

Fabrizio Cesario, a partner at Toscafund, said in a prepared statement: “Our investment in Instanda fits with our strategy of partnering up with exciting, founder-led, disruptive financial services businesses across Europe.”