Reinsurance technology firm Supercede has announced the successful completion of a £11.7 million Series A funding round.
This round was led by Alven, with additional investments from Mundi Ventures and returning investors Outward, Seedcamp, MMC Ventures, and AFG Partners.
Supercede said it will use the funding to further develop its reinsurance platform.
The platform, which is used by over 140 member companies worldwide, including insurers, brokers, and reinsurers, facilitates better data preparation and deal management, aiming to improve the efficiency and profitability of reinsurance teams. It looks to streamline and optimise the reinsurance process, enhancing risk management, coverage, and pricing.
Supercede CEO and co-founder Jerad Leigh (pictured, right) said the funding reflects the potential of the platform.
“Securing this funding is a testament to the transformative power of our platform. We are not just building a company; we are shaping the future of reinsurance. This investment accelerates our ability to deliver unparalleled value to our clients and drives us closer to our goal of becoming the indispensable operating system for the global reinsurance market,” he said.
With the new capital, Supercede plans to expand its workforce to support platform development and implementation.
“This investment is reflective of the incredible support Supercede has received from a global community of buyers, brokers, and underwriters determined to bring better data and technology to the reinsurance industry. We are responding to their call to action, and with these funds will scale our capabilities to ensure our platform remains the top choice for reinsurance buying teams,” said Supercede president and co-founder Ben Rose (pictured, left).
Margaux Gregoir, principal at Alven Capital, said Supercede’s innovation and sector expertise are qualities the investor seeks in market leaders.
“Supercede’s impressive growth trajectory is enabled by the right combination of innovation and domain/sector expertise, the reason why this very special team has an edge in this industry. It is exactly what we look for in a market leader. We believe in their vision and are excited to support their journey to becoming the dominant force in the reinsurance technology sector,” she said.
Faisal Al-Hussein, principal at Mundi Ventures, added: “Supercede is transforming the reinsurance industry with its cutting-edge platform. Our investment underscores our confidence in their potential to set new industry standards.”
Ivan Ong, partner at AFG Partners, commented: “Supercede is uniquely positioned to dominate the reinsurance technology space. Their vision, combined with their relentless execution, is a game-changer for the industry.”
Founded in 2019 and based in London, Supercede has quickly become a leader in reinsurance technology. The company reported a 500% increase in revenue over the past year. In April, it appointed a new chief commercial officer, who will lead further development of the company’s market strategies and operations.
