Socotra is a cloud-native core platform that enables insurance companies to rapidly develop and deploy new products.
Socotra’s mission is to provide insurers with a modern, enterprise-grade core system that enables them to rapidly develop and distribute products that better serve their customers.
Socotra was founded in 2014 by Dan Woods. The company is headquartered in Austin, TX and San Francisco, CA, with offices in Australia and London, UK.
Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable.
Socotra’s platform is the insurance industry's first cloud-native backend, and the first with open configuration and APIs that empower insurers to deploy powerful technology with their choice of engineering resources.
Socotra’s customers include major carriers like AXA, Mutual of Omaha, Symetra, MS Amlin, and IAG, as well as leading insurtech MGAs such as Hippo and Bamboo Insurance.
Socotra is backed by Insight Partners, 8VC, Brewer Lane Ventures, Portag3 Ventures, Founders Fund, Greenoaks Capital Partners, MS&AD Ventures, Nationwide Ventures, and others. The company raised $50M in Series C round on Mar 14, 2022. This brings Socotra's total funding to $93.9M to date.