Pikl, a fast-growing Insurtech business offering solutions that enable the Sharing Economy to thrive, has secured 109% (£1,967,791) of its £1,800,006 target with 26 days left in the firm’s crowdfunding campaign carried out via Seedrs.
Located in Norwich, United Kingdom, Pikl operates in the finance & payments sectors (Mixed Digital/Non-Digital Mixed B2B/B2C).
Incorporated in October of 2016, the company’s investment summary is as follows:
- Type Equity
- Valuation (pre-money) £13M
- Equity offered 13.16%
- Share price £6.73
- Tax relief
- EIS
The European Insurtech firm’s business highlights are as follows:
- 300% direct YoY growth (’20-’21)
- Award winning, over 1.5m nights insured & 4.8/5 on Trustpilot
- Partnered with Go Compare, Esure, LV, Axa, Gallagher & Towergate
Key features include: Secondary Market; Seedrs nominee min. £13.46 +.
Pikl’s management noted:
“We believe that the insurance industry is not adequately equipped to service participants in the sharing economy, which is forecast to grow to $335bn by 2025. Many insurers do not cover sharing of assets such as homes on Airbnb and cars via Hiyacar and many customers are unaware that they may not be properly insured.”
Pikl also mentioned that it is on a mission “to make sure that customers participating in the sharing economy can access insurance products which meet their needs.” They are doing this by working with the insurance market “to provide technology solutions that change customer buying journeys so customers in the sharing economy can be identified and provided with the right insurance solutions developed by Pikl.”
The company also noted:
“As well as providing insurance protection and solving regulatory issues, Pikl’s smart technology platform helps to reduce risk and prevent claims. We designed Pikl’s insurance products to be flexible, so our customers only pay for the insurance they need, when they need it.”
While sharing their monetization strategy, the company explained that they “make money in 5 different ways” via their multiple distribution channels (B2C, B2B and B2B2C):
- Insurance commission and profits from Pikl underwritten products
- Commission from the sale of products brokered from other insurers (like Home Insurance)
- Commission from add-on sales (like the sale of legal expenses insurance)
- Instalment income from the credit loans for monthly payers
- Income from fees such as for amendments and cancellations
The global sharing economy is set “to be worth $335bn by 2025.”
The company also noted:
“We are seeing an increasing trend towards professionalisation and regulation which we believe will mean more formal insurance products in this sector will become the norm.”
They added:
“For our next step, we plan to enter into the similarly fast-growing shared mobility market, which is expected to have YOY CAGR of 8.5%, and is expected to be worth $777bn by 2030. We plan to add a new revenue line through commission and profits from the sale of these insurance products.”
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!