Superscript, an insurtech firm catering to SMEs and high-growth tech companies, has raised £45 million in a Series B funding round aimed at enhancing its underwriting capabilities and expanding its market presence.

Information on the Target

Superscript, a London-based insurance broker and technology platform, specializes in serving small to medium-sized enterprises (SMEs) and high-growth technology firms. Founded in 2015, the company operates two primary insurance services: an online-only, self-service platform catering to UK customers, including SMEs, sole traders, and landlords, and a professional advisory service known as SuperscriptQ. The latter is available in the UK and across the European Economic Area (EEA), focusing specifically on tech companies with intricate risk profiles that traditional insurers might find challenging to cover, such as medical malpractice and professional indemnity. Notable clients include the fintech unicorn Paddle, based in London.

Industry Overview in the Target’s Specific Country

The insurance technology (insurtech) sector has experienced significant upheaval recently, driven mainly by the global economic downturn. Major players such as Policygenius and Next Insurance have laid off employees, while publicly traded companies like Lemonade, Hippo, and Root have seen their stock values decline sharply. However, the insurtech sector is not entirely bleak, as evidenced by successful funding rounds, such as Germany's Wefox, which raised $400 million at a $4.5 billion valuation, and Ohio-based Branch attaining unicorn status after securing $147 million.

In this evolving landscape, the distinction between successful and struggling insurtechs has become increasingly apparent. According to Superscript's co-founder and CEO, Cameron Shearer, the complexity of the insurance value chain necessit