Just a few weeks after launching its second equity crowdfunding campaign on Seedrs, insurtech startup Wrisk has successfully surpassed £1 million thanks to more than 800 investors. The campaign was launched last month and quickly secured its initial £500,000 funding target.
As previously reported, the insurtech is seeking to shake up the antiquated insurance industry with their smartphone app that makes purchasing insurance and filing claims a breeze. Wrisk reportedly has already secured partnerships with global brands such as Munich RE, BMW, and Hiscox. The company’s 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.”
Speaking about the campaign’s success so far, Sima Patel, Head of Marketing at Wrisk, stated:
“In parallel to this campaign, we’ve met private investors who are looking to invest on the same terms, but for larger sums compared to individual investors. We see the addition of these larger investors as validation of the overall investment case, as well as bringing their own strategic impact for the company and therefore for all investors. Subject to timing, these investments may be reflected within the final total of the campaign, but in any case, will form part of this funding round. Seedrs have been kept fully updated on these discussions.”
Patel also reported that the campaign will now be closing on June 29th. Funds from the Seedrs round will be used to continue the growth and expansion of Wrisk.
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