Socotra is a cloud-native core platform that enables insurance companies to rapidly develop and deploy new products.
Socotra is focused on delivering agility to the trillion-dollar global insurance industry.
Socotra was founded in 2014 by Dan Woods. The company is headquartered in San Francisco, California.
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’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 makes it easy for insurers to rapidly design and deploy new products in a cost-effective manner to better serve their customers.
Socotra’s customers include insurance industry leaders such as Nationwide, Mutual of Omaha, IAG, and AXA. The platform has helped insurance organizations of all sizes launch and scale innovative products faster and at a lower cost, enabling them to improve the user experience for their customers.
Socotra is backed by Brewer Lane Ventures, Portag3 Ventures, Founders Fund, 8VC, Greenoaks Capital Partners and others. The company raised $15.2M in a Series B financing on Jan 23, 2020. This brings Socotra's total funding to $27.9M to date.