Pluto, a UK-based insurtech focused on travel insurance, closed its equity crowdfunding campaign on Seedrs with a total of £643,974 raised. The campaign was launched last month and quickly raised its initial £200,000 funding target. The company offered 9.09% in equity at a £2,000,486 pre-money valuation.
As previously reported, Pluto seeks to help customers make the most of their travels by offering travel insurance through smartphones.
“Pluto helps travel-loving millennials feel confident they’re protected if something goes wrong when they’re away, by providing hassle-free travel insurance through their smartphone. We’re different because of our jargon-free policies with transparent pricing, the ability to claim on your phone in <10 mins and with human help around the clock.”
Pluto is launching a mobile app to give our customers instant access to airport lounges if their flight’s delayed and 24/7 access to a virtual UK GP, through Babylon if they’re not feeling well. The service will continue to release features that further differentiate us from traditional insurers and helps it work towards its mission of helping people make the most of their travels.
“We’re currently an insurance intermediary (like a broker) & we make a commission on each policy we sell. We plan to become a Managing General Agent in the next 12 months, to take on more of the management of the policy & increase our portion of the premium. In the long term, we want to become an insurance carrier, allowing total control of the product & effectively transforming the entire insurance premium into our revenue.”
Funds from the Seedrs campaign will be used for the following:
- Product development – 34%: Plute will continue to invest in its product to deliver more holistic travel cover. Helping people prepare for a safer adventure, taking care of them whilst they’re away & having their back if something goes wrong.
- Growth – 28%: Pluto will invest in paid advertising to build awareness. This will be done with a data-driven approach to avoid wasting money.
- Team – 28%: The company will be hiring top talent to help us deliver our product roadmap, support our customers & grow our customer base.
- Operations – 10%: Office space, regulatory costs, and accountants.
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