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Insurtech startup MetaMorphoSys on Wednesday said it has secured 23 crore ($ 3 million) in a seed round led by Capital2B, technology fund backed by Info Edge. The funding round also saw participation from angel investors, including Pavitar Singh and Dhruv Dhanraj Behl.

In 2020, the company had raised funding from Good Capital.VC (Rohan and Arjun Malhotra) and Rahul Khanna, co-founder and managing partner, Trifecta Capital.

MetaMorphoSys was founded in 2016 by Amit Naik and Kewal Vargante with an aim to provide the insurance industry with a B2B SaaS insurance platform. It’s a Saas low code platform that disrupts the way insurance products can be distributed, embedded and serviced.

“The insurance industry is accelerating investments in digital platforms. Leading insurance companies across the globe are using the MetaMorphoSys Digital Insurance Platform to launch innovative products, empower their sales force, settle claims, identify fraud and optimize the entire value chain from customer acquisition to customer engagement including embedded insurance. We are thrilled by the trust instilled in us by our customers & investors as we continue our journey to streamline the insurance ecosystem," said Amit Naik, CEO and co-founder, MetaMorphoSys Technologies.

MetaMorphoSys said it will use the funds to further innovate the SaaS based digital insurance platform, expand the product and sales team to other geographies and invest in out of box legacy integrations.

“Insurers across the world are embarking on a digital transformation journey to ensure proactive and instant customer service. MetaMorphoSys middleware platform integrates with legacy systems of insurers and the ready APIs ensure digital customer journeys can be accelerated for onboarding, servicing, and processing claims. Global insurance companies are using the platform to quickly launch new insurance products and improve time to market. This round of funding shall help MetaMorphoSys further innovate and scale its vertical SaaS platform to many leading insurers in India and Asia Pacific," said Amit Behl, Partner, Capital2B.

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