Send Technology Solutions (t/a Send) secures £9 million Series A investment from Breega and Mercia
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Wishma
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InsurTech company Send Technology Solutions has raised £9m in a Series A investment from Breega and Mercia to accelerate its growth in the UK and the US.
Send’s underwriting platform – which claims to be the most advanced on the market – streamlines operations and automates administration tasks, freeing up underwriters to focus on core work. It provides a one-stop desktop for managing new business, renewals, and endorsements.
Based in London, Send was established in 2017 by Ben Huckel, Matt McGrillis and Andy Moss who had previously worked together in a technology company serving the insurance sector. They saw the opportunity to create an integrated solution for a part of the market which had typically been under-served.
Their platform, which was built for the commercial and specialty insurance markets, now processes over £3.5bn in gross written premiums (GWP) annually and is used by customers including IGI, Everest Insurance, US-based Bowhead and Bermuda-based Renaissance Re. The funding is the first external investment for the company and will enable it to further enhance the product, step up sales and marketing and expand its 60-strong team.
Send co-founder and CEO Andy Moss said: “Send has the most advanced underwriting workbench on the market and a proven track record of improving underwriting processes. The funding will enable us to build on our first-mover advantage, scale up the business and establish Send as the market-leading underwriting software platform.”
Maxence Drummond, VC Principal from Breega commented: “We are delighted to lead this round and support Send in its conquest of new markets. To date, Send has the most reliable and user-friendly solution in the underwriting workbench market. Send is paving the way for a more agile industry, helping insurers, reinsurers and MGAs to transform traditional practices. At Breega, we strongly believe in their potential to become a global category leader in this space.”
Mercia is investing from its Northern Venture Capital Trust (VCT) funds.
Hugo Lough from Mercia added: “Up to 40% of an underwriter’s time can be spent switching between different systems. Send’s solution provides a single tool that improves productivity and provides data for decision making. The business has rapidly gained traction and, at a time when insurers are looking to streamline processes, we believe it has huge potential. The investment will accelerate its growth in the UK and internationally.”
Mountside Ventures provided fundraising advice to the company.
ENDS
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About Send:
Send is a rapidly growing InsurTech software company based in London with global reach. The company has developed an innovative connected workbench that enables re/insurers and MGAs to automate, streamline and optimise their underwriting operations. It’s a composable platform that gives teams everything they need to be more productive, in one place – a single platform for managing new business, renewals and endorsements.
The SaaS platform brings complex data out of silos into one solution, providing a consolidated view throughout the lifecycle. Its automation enables new and mature insurers to eliminate rekeying, improve predictability, and work smarter.
About Breega (to follow)
About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group’s ‘Complete Connected Capital’. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.
The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£940million of assets under management and, since its IPO in December 2014, has invested c.£111million gross into its direct investment portfolio.
The Group raises its own Enterprise Investment Scheme (EIS) Funds and manages Venture Capital Trusts (VCTs) details about open offers can be found through Mercia’s website.
Mercia Asset Management PLC is quoted on AIM with the epic “MERC” and includes the following wholly owned subsidiaries –
- Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
- Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
- EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560
