Just a little over six months after launching its first equity crowdfunding campaign, UK-based insurtech Wrisk returned to Seedrs and has quickly secured its initial £500,000 funding target. As previously reported, Wrisk is seeking to shake up the antiquated insurance industry with their smartphone app that makes purchasing insurance and filing claims a breeze. The company stated it has already secured partnerships with global brands such as Munich RE, BMW, and Hiscox. Early investors include Oxford Capital, QIC, Hiscox and multiple angel investors. Last year, it was also selected to join the 2016 BMW Innovation Lab – the first ever Fintech business incubator in the automotive sector.
“Wrisk is giving it a long overdue digital upgrade. Manage different types of insurance seamlessly through a single app. Understand how you are priced and what you can do to reduce your risk. Wrisk is insurance for the connected generation. Following the national roll-out of Wrisk’s contents proposition later this year, we intend to expand our service to cater for other insurance needs, bringing everything together into one simple plan that grows with our customers.”
Along with the funds from its first Seedrs round, Wrisk raised £3 million through its seed round last year, which was led by Oxford Capital, to build a world-class team, committed to making insurance simple, transparent and personal. Speaking about what the funds from the recently launched Seedrs campaign will be used for, The Wrisk team stated:
“Given we believe that we are on the cusp of significant growth, we’ve decided to delay Series A until Q1 2019, as we build customer proof points and contracted revenue. This requires us to raise bridge capital via convertible equity to support a team of up to 30 FTEs focused on delivering”
Wrisk also revealed its process timeline:
- Core enhancements based upon FCA sandbox learnings.
- Q3 App Store launch of contents proposition.
- Q3 Phase 1 of BMW partnership
- Q4 Beta version motor insurance within app
Wrisk’s new Seedrs round is set to close later this summer.
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