MetaMorphoSys Technologies Pvt. Ltd, which operates an insurance-technology startup focussed on enterprise products, has raised pre-Series A funding in a round led by early-stage venture capital firm Good Capital.
Other investors that participated in the round include Trifecta Capital managing partner Rahul Khanna, MetaMorphoSys said in a statement. However, it did not disclose the amount it raised.
The Pune-based company will use the funds to enhance its product development roadmap for the entire insurance value chain, from customer acquisition and engagement to product configurators and underwriting.
MetaMorphoSys was founded in 2016 by Amit Naik and Kewal Vargante. The company says it operates on a software-as-a-service model and seeks to address the business- and technology-based challenges facing the global insurance industry.
Its platform helps in improving metrics for companies such as agent sales effectiveness, turnaround time reduction, reduction in business acquisition and profile-based targeted products.
“Our product team keeps track of the latest technological developments and constantly innovates and translates business requirements,” Naik said.
Naik and Vargante have previously worked with Majesco and C2LBIZ.
Separately, Good Capital partner Rohan Malhotra said the firm was confident of its commitment to the insure-tech startup because of the need for technologically-oriented services by traditional players in the larger insurance segment.
“MetaMorphoSys is solving a unique problem set in the insurance industry and its product stack allows for legacy insurance businesses to plug into critical products that take time, effort and capital to build,” Khanna added.
Deals in the SaaS segment
The pre-Series A funding round in MetaMorphoSys is the latest example of investor commitment to the larger SaaS space. Companies in the space are using their stacks to address gaps within traditional ecosystems and introduce new products and services.
Another insure-tech startup that recently raised funding is Fastsurance Consultants Pvt. Ltd, which operates insurance grievance-redressal platform Insurance Samadhan. In March, the company raised capital as part of its seed funding round from startup incubator and accelerator Venture Catalysts.
Earlier this month, no-coding platform CodeNinja.ai raised seed funding from the Early Adapters Syndicate (EaSyndicate) of LetsVenture, a platform for angel investing and startup fundraising.
Last month, a private equity fund managed by Tata Capital Ltd invested $5 million (around Rs 38 crore) in Indusface Consulting Pvt. Ltd, an application security-focused company.
Also last month, the business travel-based Itilite Technologies Pvt. Ltd raised $13 million (around Rs 99.45 crore) in a Series B round led by Greenoaks Capital and Vy Capital.