Insurtech Wrisk has garnered £4.6m ($6.5m) in Series A investment led by QBN Capital.
Furthermore, there was participation from Guinness Asset Management and Cell Rising Capital.
The funding will help support Wrisk’s mission to transform how insurance is sold globally and develop a new standard that makes simplicity, transparency, and customer ownership the norm. In addition, the investment will be used to grow the Wrisk team and to further scale its platform to meet demand.
Wrisk partners with leading insurance companies to provide the customers of automotive brands mobile-first insurance. The firm aims to provide products that are fit for purpose and innovative.
Last month, the insurtech launched a flexible monthly subscription-based car insurance product that lets customers pay for the miles they drive. This was in partnership with the RAC.
Nimeshh Patel, Wrisk CEO, said: “Wrisk has come a long way on our journey from creating a contents insurance app to becoming a strategic partner to large automotive brands by building and operating mobile-first insurance experiences that their customers engage with.
“We’re constantly looking ahead to what the future of buying, working and traveling behaviours looks like, to ensure that insurance delivers on the evolving protection needs of customers. We create products that have the customer at the core and are adapting to their lives, and I think investors have clearly recognised that, as well as our ability to quickly adapt to difficult market dynamics. I am extremely proud of the work put in by the team over the past year to get us to this fundraise, which I hope is the start of an exciting scaling path for our product offering. We are restless to scale our vision but with better trust in insurance as our endgame, we are equally determined that none of this comes at the expense of a considered and thoughtful approach.”
“We are excited to invest and work with the Wrisk team supporting them to refine and perfect their offering, always staying ahead of customers’ tastes and the industry’s own evolution,” said Philea Chim, senior vice president at QBN Capital.
“They have shown an incredible amount of grit during this tough period and have come out the other end, making us all the prouder to lead this round. The insurtech market is a highly competitive one, with headline grabbing fundraises being announced every week – but we believe Wrisk has the right team, values, technology and approach to change the industry from the inside and build one of the most sustainable offers out there.”
“We couldn’t be more pleased to invest in Wrisk,” said Malcolm King, fund manager at Guinness Asset Management.
“We believe Wrisk’s unique approach to deliver personalised insurance at the point of sale will bring huge benefits to the world’s largest brands and their customers. Wrisk already has an amazing track record and a prestigious client list in the automotive sector, and we think there is huge potential for them to develop that offering further. We look forward to working alongside our co-investors and management to help Wrisk realise the next phase of their growth and are very happy to be part of the journey.”