- June 5, 2021
- Posted by: Martin Coulter
- Category: Featured
- Insurance platform Wrisk recently raised $6.5 million in a Series A funding round.
- The London-based firm is working to disrupt the multibillion-dollar insurance industry.
- Insider got an exclusive look at the pitch deck Wrisk used to bring investors on board.
- See more stories on Insider’s business page.
An insurance startup that allows drivers to pay for cover based on the miles that they drive recently raised $6.5 million.
London-based Wrisk, which was founded in 2016, won the fresh funds in a Series A round backed by Guinness Asset Management. The startup is part of the ongoing insurance tech boom, which is working to disrupt the multibillion-dollar industry.
Europe’s insurance startups have already raised more in the first five months of 2021 than in the entirety of 2020, according to Pitchbook, as investors bet on newcomers disrupting an industry perceived as slow to innovate.
Wrisk recently launched a first-of-its-kind flexible car insurance product with RAC, one of the UK’s leading motoring organizations, that allows people to pay for cover for the miles that they drive. The company also enables BMW and Mini to sell flexible car insurance through their websites.
“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,” said CEO Nimeshh Patel.
Alongside Guinness Asset Management, Wrisk’s Series A fund also received backing from Hong Kong-based QBN Capital and Cell Rising Capital.
Insider got an exclusive look at the pitch deck Wrisk used to bring investors on board. Check it out below: