London-based Instanda raised $45m in a Series B funding round. The company provides core no-code infrastructure to insurers, enabling them to deploy and orchestrate product portfolios quickly and easily , ten times faster than the industry standard, according to Instanda. The new capital will be used to expand the company’s presence in European, UAE, Japanese and US markets. Since 2016, Instanda has raised approximately $73 million.
“Instada’s core no-code insurance platform was built by insurers for insurers, based on the belief that technology should be used to accelerate change and innovation at low cost,” said explained CEO and co-founder Tim Hardcastle. “This is what sets Instada apart from the crowd. No other platform allows insurers and MGAs across all lines of insurance to fully embrace the diversity of insurance and respond to anticipated changing needs and of consumer behavior.
Serving more than 70 customers globally, Instada counts Atlanta (part of the Ardonagh Group), Hamilton Fraser (part of the GRP Group), HDI Global SE and Standard Bank among its customer base, with the company adding 21 new customers in 2021 alone.
Instada’s $45 million Series B round was led by Toscafund with participation from existing investor Dale Ventures.
“Instada appealed to us with its unique design, management strength and execution across a wide range of insurance lines, products and geographies,” commented Toscafund’s George Koulouris. “There is a widely held belief that the insurance industry is ripe for change and disruption, but very few companies are proving they can actually deliver meaningful improvements with a compelling value proposition. Instada is one of them, so the potential is limitless.