Browne Jacobson’s corporate tech lawyers have advised Superscript, a specialist digital-first insurance provider to SME’s and high growth tech companies on its £45m ($54m USD) Series B funding round.
The funding will enable Superscript to broaden out its underwriting and broking capabilities and grow its innovative range of insurance products and services for more international markets.
The round was led by current investor BHL UK, owner of Comparethemarket, with participation from new investor and Fortune 500 insurer, The Hartford. Other existing investors, including Concentric, also participated.
Superscript is an award-winning Property and Casualty (P&C) and specialist lines insurance broker to small businesses, sole-traders, landlords and high-growth tech firms. It also works with various major partners such as Amazon Business and Virgin Money Bank. In 2020, Superscript became the first UK-based insurtech to become a Lloyd’s of London broker and is dual-regulated across Europe with a growing global footprint.
Partner Jon Snade said: “Having worked with Superscript on their 2020 Series A round and initial 2018 investment round, we have seen them successfully grow from a small innovative start-up to a major player and true digital disrupter in the UK insurtech space.
“Superscript offers a customer-centric approach that is complemented by its machine-learning powered underwriting insights, this is its USP which puts them significantly ahead of other players in the sector. We are proud to have worked with the Superscript team again and look forward to watching them take on the multiple opportunities that this latest investment offers.”
Cameron Shearer, CEO and co-founder of Superscript commented: “In the context of a challenging macroeconomic environment and shift in global investor appetites, this funding round represents a huge vote of confidence in what we’re building at Superscript. The flexibility, customisation and affordability we offer puts us in a unique position to meet the insurance requirements of small businesses during turbulent times, as they navigate the economic challenges this year.
“Our investors’ international presence will help support us with growth in the future, as we continue our mission to be the global leader in SME insurance.”
Browne Jacobson’s national corporate finance practice is ranked by Experian as one of the country’s leading corporate finance teams. It operates from our offices in Birmingham, London, Manchester, and Nottingham and is made up of over 50 expert corporate, private equity, venture capital (VC) and banking & finance lawyers delivering multi-layered transactions across a diverse range of sectors. The team works collaboratively with a rich, diverse, and longstanding portfolio of domestic and international clients including, fast growing start-ups, FTSE 100 companies, private equity investors and the UKs leading banking institutions.