The investment round was led by Global Ventures with backing from Veridian Ventures.
"Democrance aims to enable the consumerization of insurance where insurance products will be bought and serviced remotely and seamlessly in the growing digital, virtual, and remote e-commerce world. In six years, we have expanded our footprint across 12 countries and work with the world’s leading insurance organizations. We are thrilled to have Veridian Ventures among our investors: their expertise in the SaaS space businesses coupled with their exceptional track record and extensive financial services background will help us grow and establish ourselves as a leading InsurTech player globally"
The Development Bank of Wales and Wealth Club backed the round to fund commercial growth.
"Utility businesses are facing increased governmental and regulatory pressure to provide accurate meter readings and improve their environmental credentials. We’ve spent the time developing and patenting our innovative technology that now provides real-time accurate meter reads to meet regulatory requirements, remotely and at half the cost."
The funding round was backed by the Development Bank of Wales, an angel syndicate, and the Wales Angel Co-investment Fund.
"Menopause can be life-changing for so many. By empowering women to consider body, mind and lifestyle –and giving them the tools to improve their experience – we hope to really change millions of women’s lives for the better."
The company surpassed its initial £530k target with backing from angels and institutional funds.
"To develop this expertise Spark requires a collaborative venture with suitably qualified experts to add to its engineering team. Our partnership will accelerate our speed to market and deliver leading functionality in an affordable way, helping us increase market growth and technology independence. Thank you for your support during the process."
