Stere, a New York-based a provider of a capacity trading platform, raised $5M in Seed+ funding.
The round was led by Vida Capital.
The company intends to use the funds to further expand its capacity trading platform.
Led by CEO Dogan Kaleli, Stere is a digital insurance ecosystem that helps businesses find insurance and reinsurance capacity. The company also provides digital capabilities and transformation services using a library of APIs that give embedded insurance partners, insurtechs, MGAs, and others access to potential business channels to launch insurance programs.
The trading platform offers:
- Capacity APIs designed to improve connectivity between Insurers, Reinsurers, MGAs, Brokers, and Embedded Partners, which brings speed-to-market and scalability for all parties involved
- Capacity Trading Platform for MGAs who have an existing book of business. Based on available data of the insurance program, MGAs get access to alternative capacity sources (insurers / reinsurers) for their programs which ensures enough and proper capacity is secured on an ongoing basis
Stere has signed on 50+ MGAs as of early May 2022, representing more than $1.5 billion in annual premium, and helped 20+ embedded insurance partners access capacity from key carriers and reinsurers. The company recently opened a Latin America regional office that already has closed deals with 15 significant LatAm organizations, securing a contracted revenue of two million dollars.
Stere raised $2 million in seed funding in December 2021 from Fin VC, with participation from Plug and Play Ventures, Sandalphon Capital and Hartford Investment Management Company, among others.
FinSMEs
26/09/2022