Insurance platform INSTANDA has announced the close of a $45 million fundraising round led by growth equity investment firm Toscafund.

Dales Ventures also participated in the round. INSTANDA, which has developed a no-code insurance platform said it would use the funding to grow the company’s presence in Europe, the US, Japan and UAE.

The company will also use the funds to augment platform capabilities including developing the existing ecosystem into a future-proofed marketplace for carriers, brokers and Managing General Agents (MGAs).

The latest funding round comes after the company raised $19.5 million in funding at the beginning of 2020, and grew the company in 2021 as it added 21 new clients across the US, UK, Europe, and Japan, reaching a total of 70 clients globally by the first quarter of 2022.

In the UK and EMEA, INSTANDA’s clients include Atlanta (part of Ardonagh Group), Hamilton Fraser (part of GRP Group), HDI Global SE, and Standard Bank.

Tim Hardcastle, chief executive & co-founder of INSTANDA, said: “INSTANDA’s no-code insurance core platform was built by insurers for insurers based on the belief that technology should be used to accelerate change and innovation at low cost.

“The funding from Toscafund is a significant milestone and will provide added impetus to aim higher in delivering exceptional client and user interactions. Being able to digitise all aspects of the insurance value chain will allow insurance providers to transform the customer experience even further, whilst dramatically reducing processing costs, thus enabling them to bring a better insurance experience to more people and businesses around the world.”

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