UK Insurtech Platform Wrisk Nears £1M Milestone on Seedrs

The Seedrs alum Wrisk began its second crowdfunding campaign in May — its second within a year — and is crushing it again within a few weeks. Having already raised over £954,550 on its current Seedrs convertible campaign (a mere £500K was the platform’s initial goal), Wrisk is poised to easily surpass the £1M mark in the next weeks.

“Hitting our target in 36 hours was a huge ‘Wow-moment’ for us last week. Not only the time it took, but validation of our mission from the crowd. A heartfelt thanks to all our new and returning investors,” explained Wrisk Head of Marketing Sima Patel via Seedrs. “Our decision to overfund – as mentioned in our last update – was a natural choice for us. We have always maintained the key reason for going to “the crowd” is beyond the money. Wrisk is building a community of advocates, believers, and fans for what we are trying to do.”

Wrisk aims to disrupt the antiquated insurance industry with its smartphone app that makes purchasing insurance and filing claims a breeze. Will Wrisk put the squeeze on Lemonade? According to an earlier report, Wrisk has secured partnerships with global brands such as Munich RE, BMW, and Hiscox. Early investors include Oxford Capital, QIC, Hiscox and multiple angel investors. Along with the funds from its first Seedrs round, Wrisk raised £3 million during its 2017 seed round led by Oxford Capital; funding served to build its growing team.  In 2017 Wrisk was selected to join the 2016 BMW Innovation Lab – the first ever Fintech business incubator in the automotive sector. Oxford Capital is this campaign’s lead investor, having contributed £102,500.

@WriskHQ Sima Patel: 'Our decision to overfund - as mentioned in our last update - was a natural choice for us. We have always maintained the key reason for going to “the crowd” is beyond the money.' @seedrs @insurtechClick To Tweet

Founded by CEO Nigel Barton and CPO Darius Kumana, Wrisk was developed using advanced data science and actuarial techniques; a Wrisk Score is like a credit score for personal risk, enabling better, more transparent pricing.

“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,” highlighted Wrisk on its campaign. “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.”

Wrisk’s Seedrs campaign is set to close on Friday, 29 June.

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