Less than a year after raising £1 million through its second Seedrs campaign, insurtech startup Wrisk has returned to the equity crowdfunding platform, now seeking an additional £750,000.
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. Its early investors include Oxford Capital, QIC, Hiscox and multiple angel investors. In 2017, it was also selected to join the 2016 BMW Innovation Lab – the first ever Fintech business incubator in the automotive sector.
“We believe insurance is a good thing. But the insurance industry is currently facing a crisis of confidence, while regulators are battling the ongoing issue of transparency. So how is Wrisk different? Well, it’s simple. Wrisk is designed and built to solve customers’ long-held issues with insurance. Through our app, we’ve made the whole process simple, transparent and personal.”
Wrisk also revealed that last summer it rolled out its contents insurance proposition and in September, it launched its first car insurance service for BMW/MINI as their sole UK motor insurance partner. By the end of February 2019, it has attracted more than 4,000 customers and £1.8 million in gross written premium. The latest funding round is apart Wrisk’s Series A fundraising efforts. Funds from the Seedrs campaign will be used for the following:
- Increase share of wallet: Adding new lines of insurance (Car)
- Improve accessibility: Build an omnichannel experience (Mobile web app)
- Scale adoption: Significantly grow new customers from c700 per month
Since its launch, the latest round has raised more than £520,000 from over 360 investors. It is set to close mid-May.
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