- Socotra was founded by Dan Woods and has raised nearly $1 million across seven funding rounds, with backers including Insight partners, Andreessen Horowitz, Nationwide Ventures and 8VC.
- The platform’s annual recurring revenue increased more than 9.5x over a three-year period, with 17 new insurtech customers signed in a single year.
- Towards the end of 2025, they launched an agentic AI tool for insurance product configuration, marking its push into the next frontier of intelligent insurance infrastructure.
Website: https://www.socotra.com/
Tell Us About Socotra
Socotra is on a mission to drag one of the world’s oldest industries into the modern era and it’s doing so with a platform built from the ground up to work the way great software should. The company’s platform offers standardised, public, open APIs to create and update rules and rates, provides a product-agnostic data model and delivers out-of-the-box capabilities to manage the entire policy lifecycle, covering everything from underwriting and billing to claims and reporting.
Founder and CEO Dan Woods honed his enterprise software instincts over six years at Palantir, where he was an early member of the core engineering team before transitioning to run partnerships. He went on to do IT investing at Formation 8 Partners (now 8VC), where he specialised in data platforms, before founding Socotra. He holds a Master’s in Computer Science from Stanford, with globally award-winning research in artificial intelligence.
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What Makes Socotra Unique?
The insurance core technology market has long been dominated by rigid, monolithic systems that are expensive to maintain, slow to update, and painful to integrate with. Socotra’s answer is a fundamentally different architecture. Where legacy technology might take months or even years with armies of custom developers, Socotra’s customers can accomplish the same in weeks and then upgrades are free, automatic and non-interruptive.
Socotra also operates the industry’s only app marketplace of its kind, giving insurers instant access to a curated selection of pre-integrated apps spanning claims management, payment processing, and AI-driven risk evaluation using geospatial data, dramatically shortening the time from concept to live product.
Is There A Market For Socotra?
Unquestionably. The global insurance industry is one of the largest financial sectors on earth and the vast majority of it still runs on technology that predates the smartphone. Property and casualty insurance lags banking by around a decade in technology adoption, and life insurance lags that by a further decade, meaning the opportunity for modernisation is enormous.
Socotra is already making serious inroads. The platform now powers dozens of different insurance products for insurers across three continents, with customers including major carriers like AXA, Mutual of Omaha, Symetra, MS Amlin, and IAG, as well as leading insurtech MGAs such as Hippo and Bamboo Insurance. More than 50 insurers worldwide now trust the platform.
Where Can We Find Socotra?
Website: https://www.socotra.com/
LinkedIn: https://www.linkedin.com/company/socotra/
