London-based InsurTech Superscript has completed a Series B funding round worth £45 million.

Superscript said the funding will be used to build on its underwriting and broking capabilities, as well as increase the range of insurance products and services.

The company added that its future plans include building on existing embedded partnership capabilities.

The investment follows its £8.5 million Series A funding round in February 2020.

Superscript said it that since the first round of funding it has worked with Amazon Business and Virgin Money Bank and was the first UK InsurTech to be awarded a Lloyd’s of London broker licence.

The latest funding round was led by existing investor BHL UK, which owns Comparethemarket, with additional investment from Concentric and The Hartford.

The company’s chief executive Cameron Shearer said that amidst a challenging macroeconomic environment and shift in global investor appetites, the funding round represents a “huge vote of confidence” in the business.

“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,” said Shearer. “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.”

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