Insurtech Bondaval has raised £15m in funding thanks to investors such as Dawn Capital, an early funder of iZettle, Quantexa and Tink.
The funding will help Bondaval launch a reinsurance vehicle called Bondaval Re, according to Sky News. The solution will diversify the start-up beyond its existence as a managing general agent.
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In addition, it will allow the insurtech to partner with reinsurers as well as insurers.
Bondaval is located in more than 30 countries and has offices in London, New York and Dallas.
“Launching Bondaval Re will provide a scalable solution with which to support the company’s continued growth, as well as to prepare for further planned expansion,” said Ewa Rose, Bondaval’s chief underwriting officer.
“By creating a close alignment of risk between Bondaval and our stakeholders, we demonstrate our long-term investment and commitment to the business, and confidence in the calibre of our underwriting.”
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By GlobalDataDan Chaplin, a partner at Dawn Capital, added: “Bondaval is combining innovation at the insurance product level with a technology platform that enables greater transparency and granularity in underwriting.
“This is expanding the addressable market of risk that can be protected, and we believe will play an important role in securing the fast-growing economy of global trade.”
India-based consumer-centric insurtech platform CoverSure has secured $4m in a pre-Series A funding round in other funding news.
The Enam Holdings-led investment will be utilised to bolster the company’s development of a consumer-centric insurance engagement platform, leveraging data intelligence and machine learning.
This infusion will be used to propel the insurtech’s expansion across India.
Founded in January 2023, CoverSure offers a comprehensive platform designed to cater to the diverse insurance requirements of consumers.
