Quotall, an Insurtech that provides a market for providers, is raising growth capital on Seedrs. Investors may purchase equity at a pre-money valution of £15.1 million. The securities offering secondary market approved so backers may access liquidity following the funding round. The offering is also EIS elegible.
As it stands today, Quotall has raised £348,884 from 93 individual investors topping its £300,000 target (originally set at £500k).
Quotall seeks to provide a service that removes barriers for insurance providers by reducing cost and regulatory hurdles. The company notes that “only 5% of the UK’s £51bn insurance market is sold via retailers, utilities or affinity groups.”
The SaaS platform aims to a simple and efficient path for existing brands to enter the market.
Quotall has several revenue paths including marketing, consulting and support services. Quotall says its “revenue scales with each client engagement and will intend to benefit from the insurance renewal cycle and the underlying profitability of the insurance arrangements.”
Quotall claims that they are “launching services for some big retail brands” later this year without sharing and details. To date, Quotall reports having raised £4 million from outside investors.
When the securities offering was launched earlier this month, Quotall CEO Simon Ball stated:
“After seeing such strong support in the private phase of our investment round driving us well on our way towards our goal, I am confident that the public crowdfunding will see us reach our minimum target. Crowdfunding via Seedrs was a natural fit for Quotall as we seek to expand – an efficient, effective and highly innovative platform that allows us to attract interested, enthusiastic investors to take part in the next phase of our growth journey.”
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