Inari, a core technology infrastructure provider for the global insurance and reinsurance industry, has raised $5.2 million in funding as part of their Seed round led by Caixa Capital Risc, through Criteria Venture Tech.

The funds raised from this round of financing establishes Barcelona-based inari as a global leader in (re)insurance technology services and will provide further impetus to inari’s longer-term growth strategy, which includes expanding the teams in both Barcelona and London, venturing into new territories expanding its geographical footprint and building more features based on its innovative and best-in-class technology to fit their current (re)insurance customers and new customers’ needs.

Founded in 2017, inari helps its clients operate as next generation insurance and reinsurance organizations both for greenfield operations and long-established companies. The inari client base is worldwide in geography and includes MGAs, Insurance Carriers, Lloyd’s Syndicates and Reinsurance companies in Europe, the Lloyd’s and London markets, US, Asia and Bermuda.

Inari provides core insurance policy administration, underwriting dashboard and bordereaux management systems for MGAs, Insurance Carriers, Lloyd’s Syndicates and Reinsurance companies worldwide. Inari’s platforms are secure, cloud based, natively API enabled, fully managed services. They aim to provide a modern, easy-to-use tool that manages the end-to-end policy lifecycle while handling the ‘heavy lifting’ of day-to-day (re)insurance process management. The platforms provide frictionless interconnectivity and integration with other systems and data sources, which enriches the risk lifecycle experience. Using proprietary technology for data ingestion and capture, it provides users with agile, digital-first underwriting and risk management that has the potential to increase operational efficiency, enhance data accuracy, improve data distribution through the value chain and lower costs.

Three investors were part of this year’s round. The leader, Caixa Capital Risc, the venture capital arm of Spanish holding company CriteriaCaixa, alongside CDTI, a public organisation for technology development in Spain, and a leading industry partner.

“Today’s announcement validates inari’s vision, value and year-on-year track record as part of our mission to revolutionize the (re)insurance industry, establishing inari as a core technology provider that is trusted and valued by the insurance industry and is attracting talent and investors,” said Frank Perkins, Chief Executive Officer at inari. “The funding will support enhancements to our product offering, enable us to add to our team’s insurance industry and technology expertise and to expand globally.

“I am incredibly proud of our team and would like to thank them for what we have achieved together. It is our people’s hard work, resilience, expertise, creativity and innovation that has driven and continues to drive our successes and we are equally thankful to the modern and forward-thinking client base that has supported inari since its beginning.

“I am highly optimistic about what the future holds as we strive to create solutions that are truly transformative and provide world class outcomes for our client’s operational needs,” Mr Perkins added.

Xavier Álvarez, director of Tech Funds at Caixa Capital Risc, said: “inari's innovative approach to insurance infrastructure has the power to redefine how we perceive risk and resilience in the insurance sector. Our investment signifies our belief in their vision and our commitment to fostering innovation in industries ripe for change. We're excited to join this journey with inari to help them grow and revolutionize this critical industry segment.”

Inari was launched by Frank Perkins with three co-founders Veronique Gob, Jochi Jimenez and Teresa Madariaga. These four (re)insurance industry veterans have held executive roles at companies such as Frankona Re, HCC Global Financial Products or ANV. They have long and distinguished experience in markets such as Lloyd’s as well as US or Continental Europe.