Insurtech Stere raises $2mn seed funding - Reinsurance News

Stere, a digital solution designed to tackle speed-to-market, capacity sourcing, and other challenges relevant to managing general agents and insurers, has closed its $2 million seed funding round. The round was led by Fin VC with key participation from Plug and Play Ventures, Sandalphon Capital and Hartford Investment Management Company (HIMCO). Other participants include angel investors Rob Johns, First VP, Alliant Insurance Services and Charter Board Member, TiE of Oregon, and Shamir Karkal, co-founder and CEO of Sila, Inc. “Matching insurance capacity seekers with capacity providers is an inefficient process that relies on outmoded conventions and technologies. “We are delighted that our investors recognize the enormous opportunity to modernize and transform this essential process within the insurance supply chain.” To date, Stere has brought aboard more than 40 MGAs representing $1.2 billion in annual premium. “Stere is well positioned to succeed in a fast-growing segment of the insurance industry that is ripe for modernization,” said Emy Donavan, Venture Partner of Fin.