Tinubu, a French provider of cloud software for the specialty insurance industry, has raised $45 million in growth capital led by Morgan Stanley Expansion Capital, as it seeks to accelerate its expansion into new specialty insurance lines.
This follows its previously announced acquisition of Innoveo, a no-code enterprise software provider, thereby improving software capabilities for insurers.
Tinubu’s chief executive Morgan Franc called the developments “a transformative moment” that would position the company to “deliver broader capabilities and bring even more value to our customers globally”.
The funding will support Tinubu’s continued product development and expansion into additional specialty insurance segments beyond its current focus areas of trade credit and surety, two complex lines where Tinubu already holds market presence, which are types of insurance that guarantee responsibilities will be met.
As the only enterprise Software-as-a-Service (SaaS) platform purpose-built for specialty insurance, the company plans to strengthen its offerings in cyber insurance, accident and health, marine, aviation insurance, and more.
The investment builds on the ongoing support of Long Arc Capital, Tinubu’s long-term growth partner. Gaurav Bhandari, Long Arc managing partner, noted that “Innoveo’s software products complement those of Tinubu and together they are amongst the largest providers of software to specialty lines insurance companies”.
Vinod Kachroo, chief executive of Innoveo, said, “Our complementary technologies make us stronger together, and with fresh capital to accelerate our roadmap, we are ready to scale our impact across the specialty insurance ecosystem.”
Nick Nocito, executive director at Morgan Stanley Expansion Capital, said his firm believes “the Tinubu platform today is already best-in-class in delivering a robust and purpose-built solution for managing and scaling specialty lines”.
