UK-based insurtech Wrisk has successfully secured £750,000 through its third equity crowdfunding campaign on Seedrs. The funding round was launched less than a year after the startup raised £1 million through its second Seedrs initiative.
Wrisk is aiming to shake up the antiquated insurance industry with its 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 included 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.”
Last summer, Wrisk rolled out its contents insurance proposition and this past 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
The funding round is set to close in mid-May.
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