2024 Revenue
$25.6M(Est.)
Funding
$93.9M
Team
164
Founded
2014
Socotra Revenue & Funding (2024)
Socotra generated an estimated $25.6M in annual revenue in 2024. Source: GetLatka estimate
Socotra is owned by a company called "Socotra Technology, Inc.," which is based in San Francisco, California, USA. Socotra Technology, Inc. is a software company that provides a cloud-based platform for insurance companies. The company's platform offers a range of services, including policy management, claims handling, underwriting, and billing. The platform is built on a modern technology stack, leveraging machine learning and artificial intelligence to provide insurers with the flexibility and agility they need to keep up with changing market demands. Socotra's platform is designed to be highly configurable, allowing insurers to quickly and easily create and launch new insurance products, without the need for extensive coding or IT support. The company is known for its innovative approach to insurance technology, and has received several industry awards for its platform.
Last updated
Socotra Revenue
In 2024, Socotra's revenue reached $25.6M. The company previously reported $20.1M in 2023. Since its launch in 2014, Socotra has shown consistent revenue growth.
| Year | Milestone | Source |
|---|---|---|
| 2024 | Socotra Hit $25.6m revenue in October 2024 | Estimated |
| 2023 | Socotra Hit $20.1m revenue in November 2023 | Estimated |
| 2022 | Socotra Hit $20.2m revenue in March 2022 | Not recorded |
| 2021 | Socotra Hit $8.2m revenue in April 2021 | Not recorded |
| 2014 | Launched with $0 revenue |
Socotra Valuation, Funding Rounds
Socotra has not publicly disclosed its valuation. The company has raised $93.9M in total funding to date.
Socotra has raised $93.9M in total funding across 6 rounds, most recently a $50M Series C round in 2022.
| Year | Round | Amount | Valuation | % Sold | Source |
|---|---|---|---|---|---|
| 2022 | Series C | $50M | - | - | Not recorded |
| 2021 | Venture | $11M | - | - | Not recorded |
| 2020 | Series B | $15.2M | - | - | Not recorded |
| 2019 | Series A | $5.2M | - | - | Not recorded |
| 2018 | Series A | $5.5M | - | - | Not recorded |
| 2014 | Seed | $7M | - | - | Not recorded |
Founder / CEO
Dan Woods
CEO
Dan Woods is the founder and CEO of Socotra, the first modern, cloud-based platform for technology-driven insurers. Before Socotra, Dan did IT investing and portfolio management for Formation 8 Partners (now 8VC), where he specialized in data platforms and smart enterprise software. Prior to that, Dan’s depth of enterprise experience was honed over his six years with Palantir. There, Dan was an early member of the core engineering team and later transitioned to run Palantir’s partnerships, plus several deployments. He holds a MS in Computer Science from Stanford.
Customers
We do not have customer count information for Socotra yet.
Socotra Employees & Team Size
Socotra employs approximately 164 people as of 2026, down from 169 in 2023, including 15 sales reps that carry a quota.
| Year | Milestone | Source |
|---|---|---|
| 2024 | Reached 164 employees (December 2024) | Not recorded |
| 2024 | Reached 169 employees (October 2024) | Not recorded |
| 2023 | Reached 169 employees (November 2023) | Not recorded |
| 2023 | Reached 169 employees (September 2023) | Not recorded |
| 2023 | Reached 197 employees (July 2023) | Not recorded |
| 2023 | Reached 181 employees (January 2023) | Not recorded |
| 2022 | Reached 168 employees (November 2022) | Not recorded |
| 2022 | Reached 168 employees (March 2022) | Not recorded |
| 2022 | Reached 181 employees (January 2022) | Not recorded |
| 2021 | Reached 125 employees (November 2021) | Not recorded |
| 2021 | Reached 125 employees (August 2021) | Not recorded |
| 2021 | Reached 98 employees (April 2021) | Not recorded |
| 2020 | Reached 107 employees (November 2020) | Not recorded |
Frequently Asked Questions about Socotra
What is Socotra's revenue?
As of 2024, Socotra generated an estimated $25.6M in annual revenue.
Who is the CEO of Socotra?
The CEO of Socotra is Dan Woods.
How much funding does Socotra have?
Socotra raised $93.9M across 6 rounds.
How many employees does Socotra have?
As of 2024, Socotra had 164 employees.
Where is Socotra headquartered?
Socotra is headquartered in San Francisco, California, United States.
Compare Socotra to the industry
Socotra operates across multiple industries. Browse revenue, funding, and growth data for Socotra in each sector below.
- Best Vertical Industry Software
- Machine Learning Software
- Insurance Software
- Cloud Platform as a Service (PaaS) Software
- Data Science and Machine Learning Platforms
- Insurance Agency Management Systems
- Application Development Platforms
- AI & Machine Learning Operationalization (MLOps) Software
- Insurance Claims Management Software
- API Management Tools
Data and Sources
All figures on this page are taken directly from interviews or are estimates from public sources and proprietary models. Not financial advice. Read full disclaimer.
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