# Socotra

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/socotra

- Industry: Software
- Headquarters: San Francisco, US
- Website: www.socotra.com
- Total disclosed funding: $87M
- Latest round: Series C (Mar 14, 2022)
- Investors on record: 16

## About

Socotra, Inc. specializes in providing a comprehensive insurance platform tailored for insurance carriers, facilitating efficient management of diverse insurance products and policies through advanced technology.Founded in 2014 and headquartered in San Francisco, US, Socotra, Inc. is focused on transforming the insurance industry by offering a platform that supports the entire policy lifecycle. Dan Woods, the founder and current CEO, has led the company through 8 deals, with the latest funding round being a Series C in March 2022, which raised USD 50 mn led by Insight Partners. The total amount raised by the company to date stands at USD 50 mn with a current valuation of USD 275.392 mn.Socotra offers a comprehensive insurance platform designed specifically for insurance carriers, enabling them to efficiently manage a wide array of insurance products, policies, and users. The platform supports the full policy lifecycle, allowing insurers to build and maintain products with significant flexibility and minimal operational effort. Key components of Socotra’s offering include a robust billing system that integrates seamlessly with general ledger and policy administration systems, alongside an array of modular user interfaces and portals tailored for modern digital experiences. This product suite is particularly geared towards enhancing the operational agility of insurers across various geographical markets, including North America, Europe, and the Asia-Pacific region, facilitating rapid implementations and product updates. By leveraging Socotra's advanced technology, clients such as Mutual of Omaha and IAG Satellite have successfully launched innovative insurance solutions, demonstrating the platform's capability to cater to complex industry demands.Socotra generates revenue primarily through subscription-based models and partnerships with insurance carriers. Clients engage with the platform through various transactional structures, including direct licensing agreements or collaborative ventures that enhance product offerings. Specific pricing plans associated with the platform are strategically designed to align with varying client needs, enabling insurers to leverage the technology with minimal upfront costs. The flagship offerings, including the core policy and billing systems, allow for scalable operations, ensuring that clients can efficiently manage both individual policies and large-scale insurance portfolios. By facilitating significant improvements in speed to market and operational efficiency, Socotra’s model positions itself as a vital resource for insurers looking to enhance their service delivery and market responsiveness.In March 2022, Socotra, Inc. raised USD 50 mn in Series C funding, led by Insight Partners, to expand its products and business reach throughout Europe and Australia. The company is set to enhance its platform with upcoming new features aimed at improving user experience in these markets. The recent funding will be allocated to bolster product development and facilitate entry into these new geographic regions, ensuring that Socotra maintains its momentum in meeting the evolving needs of the insurance sector.

## Funding rounds

- Series C, Mar 14, 2022, $50M — Insight Partners, 8VC, Portage Ventures, Nationwide Ventures, Brewer Lane Ventures, MS&AD Ventures
- Series B, Jan 23, 2020, $15M — 8VC, Portage Ventures, Brewer Lane Ventures
- Series A, Feb 12, 2019, $5.2M — 8VC, Nationwide Ventures
- Series A, Sep 11, 2018, $17M — Founders Fund, Vulcan, Greenoaks Capital, SV Angel, Tuesday Capital, 8VC, USAA Ventures, SciFi VC
- Seed, Oct 1, 2014 — Founders Fund, Vulcan, Greenoaks Capital, SV Angel, Ulu Ventures, Tuesday Capital, Caffeinated Capital, SciFi VC, The 10x Group

## Investors

- Founders Fund (https://capitalatlas.ai/funds/founders-fund) — Seed, Series A
- Vulcan (https://capitalatlas.ai/funds/vulcan) — Seed, Series A
- Greenoaks Capital (https://capitalatlas.ai/funds/greenoaks-capital) — Seed, Series A
- SV Angel (https://capitalatlas.ai/funds/sv-angel) — Seed, Series A
- Ulu Ventures (https://capitalatlas.ai/funds/ulu-ventures) — Seed
- Tuesday Capital (https://capitalatlas.ai/funds/tuesday-capital) — Seed, Series A
- Caffeinated Capital (https://capitalatlas.ai/funds/caffeinated-capital) — Seed
- SciFi VC (https://capitalatlas.ai/funds/scifi-vc) — Seed, Series A
- The 10x Group (https://capitalatlas.ai/funds/the-10x-group) — Seed
- 8VC (https://capitalatlas.ai/funds/8vc) — Series A, Series B, Series C
- USAA Ventures (https://capitalatlas.ai/funds/usaa-ventures) — Series A
- Nationwide Ventures (https://capitalatlas.ai/funds/nationwide-ventures) — Series A, Series C
- Portage Ventures (https://capitalatlas.ai/funds/portage-ventures) — Series B, Series C
- Brewer Lane Ventures (https://capitalatlas.ai/funds/brewer-lane-ventures) — Series B, Series C
- Insight Partners (https://capitalatlas.ai/funds/insight-partners) — Series C
- MS&AD Ventures (https://capitalatlas.ai/funds/ms-ad-ventures) — Series C