The firm intends to accelerate its growth in the UK and US, it said a statement
Send Technology Solutions has today (15 November 2022) closed a Series A funding round after raising £9m of investment.
The additional funding will be used to bolster Send’s product development, accelerate its growth in the UK and US and grow the wider team, which currently stands at 60 staff members.
The funding round was led by venture capital Breega with participation from Mercia. As part of the funding, Breega and Mercia have taken a stake in Send.
Breega’s venture capital principal Maxence Drummond has also joined Send’s board.
Andy Moss, Send co-founder and chief executive, said: “Choosing the right partners for this funding raise was a critical part of the process. Breega and Mercia are both committed to founders, globally ambitious and values driven.
“They have strong track records in working with sustainable businesses that drive change. We are really excited to work with them.”
Send’s core product is a Software as a Service (SaaS) underwriting workbench that streamlines and automates admin-heavy tasks to allow underwriters to focus on more important work.
It provides a unified platform for managing new business, renewals and endorsements.
The composable platform is built for the commercial and specialty markets and currently processes more than £3.5bn in gross written premium (GWP) annually.
Hugo Lough, venture capital investor at Mercia, said: “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.”