Digital Risks raises $10.4m in Series A funding round
Insurtech firm Digital Risks has raised $10.4 million in a Series A funding round featuring backers BHL Holdings, Nire Capital, Concentric, and Seedcamp.
Digital Risks, which describes itself as one of the only digital-first insurance providers for small and medium-sized enterprises (SMEs), has posted 25% month-on-month growth and plans to triple its headcount by the end of 2020.
The firm plans to use its new investment to further develop its technology and drive expansion over the next 12-18 months. The latest round follows a 2018 round that saw the firm raise $3.5 million.
Cameron Shearer, CEO and co-founder of Digital Risks, says that the SME sector as a whole is “highly fragmented”.
He adds that business owners and decision makers across “a vast range of industries” all have different needs and different motivations, and that traditional players’ offerings take a “generalist approach to their products and user experience.”
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Shearer believes that millions of SMEs in the UK and across Europe are being “neglected and underserved”, either paying too much for their policies or not being protected against risk.
“We’re challenging this status quo head on, modernising business insurance for the better, and building a brand that businesses want to advocate,” says Shearer. “Our approach looks at every insurance cover from a new perspective.”