PeppercornAI has raised £3.25 million in a funding round aided by the participation of Wealth Club, which invested £1.9 million in the Insurtech firm. The funding included high-net-worth investors and existing investors EHE Capital and Angels Invest Wales.
Wealth Club offers sophisticated investors investment opportunities typically not available through mainstream investment platforms and financial advisors.
The funding round was said to be “heavily oversubscribed,” even while Fintech/Insurtech funding declined in 2023.
PeppercornAI leverages conversational AI seeking to reduce operational costs, better protect risk and deliver a better customer experience for buying and managing insurance policies.
The money is expected to be used to develop the company’s conversational AI platform further and support the pipeline of B2B services in the UK and abroad.
Nigel Lombard, CEO and founder of PeppercornAI noted that the insurance company had changed little since being sold online over thirty years ago. Lombard said that AI has the potential to change the way insurance is sold and managed completely.
“However, as an industry that’s historically been slow to adopt technology, insurance providers are worried about keeping up with the pace in which AI is developing. That’s where PeppercornAI comes in. Our team of insurance experts has built and proven a new model that allows providers to unlock the benefits of the technology now, can be integrated seamlessly and quickly, and ensures their businesses aren’t left behind. My thanks for the continual support of EHE Capital, to Angels Invest Wales and for the brilliant team at Wealth Club for making the raise so successful.”
Gayle Bowen, Head of Direct company investments at Wealth Club, said they believe PeppercornAI could transform the insurance industry.
“The fact that they were able to prove the technology works, demonstrating tangible results and achieving industry-leading metrics significantly contributed to their success in securing investment.”
Wealth Club claims to be the largest investment platform for HNW and experienced investors in the UK. The platform targets EIS/SEIS and other tax benefits to boost returns. The investment platform reports over 55,000 members having committed £1.2 billion in funding. Investors are required to self-certify as Sophisticated Investors or High Net Worth Individuals before applying to invest. The platform is regulated by the FCA.
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