Found, a UK-based insurtech, is now seeking 250,000 through its equity crowdfunding round, which was launched on Seedrs. Founded in 2017, Found describes itself as an innovative, community-focused, technology-driven lost property management start-up with an exciting insurtech offering.
“By reuniting the public with their lost property, Found will become synonymous with protecting valuables, which links seamlessly to our plan to offer insurance for individuals’ treasured property (including gadgets and bikes). We want to become the go-to provider of simple, transparent and honest insurance to the millennial market.”
Found also reported that it offers a value-add service to businesses, not only by facilitating their handling of lost property but by giving them an opportunity to make a demonstrable positive social impact by donating unclaimed items to its charity partners.
“We want Found to be a known, trusted and respected business which champions social good. We aim to achieve this through our unique and cost-effective customer engagement model. The diagram below shows how we will acquire, retain and market our products to our community members through our app.”
Funds from the Seedrs campaign will be used for the following:
- Product development – 30%
- Expand our image recognition technologies
- Build some more in-app features into our already stable platform
- Launch in Bristol and UK wide BD – 25%
- Marketing and business development for our complete launch in Bristol.
- The company has also started and will continue to build strategic relationships with key stakeholders across the UK in preparation for our UK roll-out
- Team – 25%
- Continue to grow its team
- Insurance product – 10%
- Launch its in-app insurance product
- Operations – 10%
- Office space, accounts, lawyers, advisors, travel etc
Through the campaign, Found is offering 6.66% in equity at a £3,503,619 pre-money valuation. The funding round is set to close late January.