Amazon partner Superscript raises £45m in Series B round

US headquartered property and casualty insurer The Hartford also participated as a new investor in the digital-first insurance provider to SMEs and high-growth tech companies.

Superscript detailed that since its Series A raise in 2020 it has grown its customer base more than fivefold.

It unveiled its partnership with Amazon Business in September 2021. Via the arrangement it offers public liability, employers’ liability, professional indemnity, cyber, directors and officers, and office contents & equipment insurance to UK micro and small businesses, as well as sole traders, through Amazon membership programme Business Prime.

Superscript became the first UK insurtech to land a Lloyd’s of London broker licence in 2020, and launched the first Lloyd’s-backed product for digital asset businesses last year.

The business detailed that the Series B funding will be used to further develop its underwriting and broking capabilities.

Superscript added it would also use the money to grow its range of insurance products and services for international distribution as well as focusing on building its existing embedded partnership capabilities.

Confidence

Cameron Shearer, CEO and co-founder of Superscript, said: “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 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.”

Machine learning

Ian Leech, CEO of BHL UK, said: “Superscript separates itself from other insurtechs through its unique distribution and underwriting capabilities, powered by proprietary machine-learning technology.

“We’re very excited to be furthering our investment and look forward to supporting further product developments and international growth.”

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