Equipsme, a UK-based startup that is aiming to democratize health insurance by making it an affordable reality for businesses of all sizes, has successfully secured its initial £500,000 equity crowdfunding target on Crowdcube. The company is now offering 4.64% in equity at a £10,922,896 pre-money valuation.
Founded in 2017, Equipsme equips businesses with a smart and cost-eﬀective way of providing practical Health support for their employees.
“We think businesses and the self-employed deserve better when it comes to employee healthcare packages which is why we’ve made it simple – covering people for only what they need. Equipsme offers flexible fixed-price packages, with employees able to pay to upgrade and add family members for maximum peace of mind.”
Equipsme further revealed that since February of 2018, it has secured an exclusive 5-year insurance capacity deal with AXA PPP Healthcare, built an “award-winning” product, grown its members by 130.5% YoY (to May ’20) with a 95% broker renewal retention rate and recently launched its solo product to cater to a largely untapped market of 5 million self-employed.
“Only 5% of UK companies buy health insurance for their employees, yet 41% of employees want private health care. With a 53% increase in NHS treatment waiting lists since 2012 and 15.4m work days lost to stress in 2018 – in a post-covid society, prioritising employee health is no longer an option.”
Funds from the Crowdcube round will be used to enhance Equipsme’s user experience and scale its marketing as it announces exciting partnerships with Starling Bank and Simply Business. The campaign is set to close at the end of July.
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