“Your Insurance Wallet” Rnwl Closes Funding Round with Almost 2X Goal

Rnwl, an Insurtech that claims to be building the insurance platform of the future, has closed its most recent funding round on Seedrs.

Initially targeting a raise of £150,000, Rnwl closed at almost double that amount raising £295,754 from 394 individual investors.

Rnwl raised equity capital at a pre-money valuation of £8.2 million. The offering was EIS qualified and approved for Seedrs  Secondary Marketplace.

Rnwl describes itself as your  “Insurance Wallet,” providing reminders when your policy is due to renew while also displaying quotes for competitive pricing if you want a change. Starting with Auto insurance, the goal is to work across all insurance verticals. The service is free, but Rnwl generates its money by taking a small commission if you purchase a policy directly via the platform. Going forward, a B2B SaaS is in the works, with any commissions shared.

Rnwl is also a good example of a series issuer having raised growth capital on Seedrs multiple times. Starting in 2020, Rnwl raised £450,000 at a pre-money valuation of £3.8 million. In 2021, Rnwl raised £502,000 at a valuation of £6 million.  While it helps that the founder of Rnwl previously launched a securities crowdfunding platform, online capital formation is becoming the norm and not the exception – perhaps with institutional money participating – alongside retail investors.


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