Democrance completes funding round backed by Global Ventures and Veridian Ventures
The investment round was led by Global Ventures with backing from Veridian Ventures.
Democrance operates a white label software platform that digitises the insurance value chain for emerging markets.
Democrance has completed a new funding round with participation from Veridian Ventures and lead investor Global Ventures. The company provides a plug and play software platform that enables insurers to digitise distribution and automate sales processes without replacing core systems.
The fresh capital will support the firm as it expands its global footprint and develops its technology offering for emerging markets. Democrance currently operates across 12 countries, helping traditional insurers reach new customer segments through partnerships.
From the founder
"Democrance aims to enable the consumerization of insurance where insurance products will be bought and serviced remotely and seamlessly in the growing digital, virtual, and remote e-commerce world. In six years, we have expanded our footprint across 12 countries and work with the world’s leading insurance organizations. We are thrilled to have Veridian Ventures among our investors: their expertise in the SaaS space businesses coupled with their exceptional track record and extensive financial services background will help us grow and establish ourselves as a leading InsurTech player globally"
Michele Grosso
Chief Executive Officer at Democrance
Investor perspective
"Traditional insurers are facing stiffer competition and increasing margin pressures, resulting in a growing need to both grow cost-effectively as well as increase the efficiency of legacy operations. The COVID-19 pandemic, coupled with accelerating changes in customer behaviour, are pushing the industry to become digital much more quickly. However, doing so typically involves sizeable investments for legacy players. This is where Democrance comes in, with its proprietary platform which can allow incumbent insurers to deploy advanced digital capabilities without incurring significant costs by buying digitization-as-a-service from Democrance. In the markets the company currently operates in, as well as in others it has yet to venture into, this represents an immense opportunity, which once realized will deliver substantial value to policy-holders, insurers, Democrance and its shareholders. We are excited to join Michele and the team on this journey and stand ready to support in any way we can."
Dan Schonfeld
Partner, Veridian Ventures
Investors
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About the company
Democrance
Democrance provides a white label software platform that digitises insurance sales and distribution for emerging markets.