Insurtech Hokodo hogs €1.9m in seed funding
Hokodo, a start-up based in London and Paris, has just raised €1.9 million in seed funding in a round led by Anthemis, a venture capital focused on fintech and insurtech firms.
Hokodo provides B2B marketplaces and accounting platforms with small business insurance via APIs, with an invoice protection solution as a launch product.
Richard Thornton, Hokodo’s co-founder, states: “Late payment of invoices is one of the leading causes of small business failure across Europe. The traditional insurance industry has commercial products to address this problem, however those products are not available to small and medium sized businesses.”
Hokodo has a scalable and automated pricing, and an underwriting and administration platform that helps cater for smaller businesses.
Ruth Foxe-Blader, director at Anthemis, says: “Traditional FS providers cannot fully service online marketplaces, accounting platforms and other SME-focused technology businesses.”
Hokodo’s long term plans are to close the small business insurance and financing gap, and “help mitigate all those risks through Insurance-as-a-Service solutions”.
Through Anthemis, the firm wants to expand its staff, continue development of its tech-stack, build out additional APIs and launch additional insurance products, according to Louis Carbonnier, co-founder at Hokodo.
This follows the announcement last month of Hokodo’s underwriting partnership with SCOR Global P&C’s Channel syndicate.
Hokodo is part of Worry+Peace’s incubation network and has partnered with Centrifuge — an open, decentralised operating system to connect the financial supply chain.