Insurtech Digital Risk pulls in £2.25m in funding
UK insurance provider Digital Risks has raised £2.25m ($2.92m) of funding to support the growth of its digital-first service. The investment round was led by Concentric, with other backers including Atami Capital, Seedcamp, London Co-Investment Fund and Beazley. The London-based company has developed software to automate the insurance-buying and management process. Clients have their individual risks considered to identify the most suitable provider, and can then pay for their cover on a monthly subscription basis, which can be cancelled at any time.
Digital Risks, a London, UK-based digital-first insurance provider for technology and media businesses, raised £2.25m in funding.

The round was led by Concentric, with participation from Atami Capital, Seedcamp, London Co-Investment Fund and Beazley.

The company intends to use the funds to focus on growth, through scaling its marketing, tripling its team and developing new online insurance products, and expand internationally, starting with initial moves into Europe in the next 12 months.

Co-founded by Cameron Shearer and Ben Rose, Digital Risks has developed proprietary software that automates the entire process of buying and managing insurance. Rather than providing a simple price comparison service, or consolidating the customer’s risks to a single underwriter, the platform considers risks individually and places them with the most suitable provider with a flexible monthly subscription model, suited to today’s digital-first businesses.

Clients can pay monthly and modify or cancel their cover at any time.

Its products are backed by underwriters, including Aviva, Tokio Marine and Beazley.

The company has customers including startups in sectors spanning software development and IT services, media, digitised traditional businesses, plus new technology sub-sectors like fintech, medtech and edtech.

FinSMEs

16/07/2018