Xceedance secures additional growth capital, surpasses $100m milestone

Bermuda-based insurance technology provider Xceedance has secured growth funding from Portage Capital, bringing its total capital raised to roughly $100 million.

The milestone marks Xceedance’s first institutional equity raise since its founding in 2013, the firm said.

The capital will fund its expanding AI-driven solutions and acquisitions of insurance-focused service providers.

Arun Balakrishnan, founder and CEO of Xceedance, said: “Since inception, Xceedance has enjoyed exceptional, bootstrapped growth, scaling rapidly through profit reinvestment and the prudent use of debt. This investment not only strengthens our capital base but also connects us to Portage’s exceptional ecosystem in the insurance, technology and broader financial services markets, unlocking meaningful synergies that will help accelerate our growth. In Portage, we have found an investor aligned with our long-term vision, cultural values, and commitment to innovation.”

Dan Ballen, general partner & co-head of Portage Capital Solutions, added: “Xceedance has established itself as a best-in-class partner to both small, innovative insurers as well as some of the largest, most trusted names in the industry. With the rapid adoption of digital solutions across the market, Xceedance is poised for continued growth and expanded opportunities as a recognized thought leader to its clients and partners. We’re thrilled to be partnering with Arun and the full Xceedance team on the next stage of their growth and look forward to helping them execute on their ambitious long-term vision.”

Morgan Partners, Ernst & Young, and Norton Rose Fulbright advised Xceedance, with Portage guided by Paul Hastings and RSM.

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