Dinghy, a UK-based insurtech platform specifically for freelancers, has been acquired from UK insurer Kingsbridge. This news comes just one year after Dinghy secured $1.2 million during its seed funding round led by Balderton Capital.
As previously reported, Dinghy was founded in 2017 by co-founders Ben Wilks, Robert Hartley, and Edward Woodcock, Dinghy offers fast, 24/7 claim handling along with fair, and flexible insurance service the freelancing industry. Hartley revealed to TechCrunch:
“Traditional insurance is a slow and tedious process that is not designed for freelancers. Also traditional insurers do not give freelancers the ability to change their insurance when they are not working, so freelancers either pay for coverage they don’t need, or worse, cancel their policy and throw away the insurance coverage they pay for.”
Speaking about the acquisition, James Twining, CEO of Kingsbridge, reportedly stated:
“The acquisition of Dinghy further broadens our ability to reach into an even wider segment of the important creative and ‘gig’ markets where freelancers demand a different approach to insurance and an improved user experience. We are delighted to welcome the Dinghy team into the Kingsbridge family and are very excited to deliver the next phase of growth that they and the Dinghy platform, will deliver for us both in the UK and internationally.”
Wilks went on to add:
“We are delighted to have joined forces with Kingsbridge, who are known as one of the largest and most successful players in the contractor insurance market. The combination of Dinghy’s unique flexible product and technology platform and Kingsbridge’s marketing and commercial strength, will enable us to improve our offering to our existing customers and significantly accelerate our growth plans.”