The funding round was led by the European Space Agency, alongside Big 5 Investors, InsurTech NY and ACF Investors.
"This capital injection will be used to fuel growth in the London and US Property and Casualty markets, and to accelerate the development of our Exposure Management and natural catastrophe modelling capabilities. This progress will be critical for improving the speed and quality of underwriters risk selection and exposure management — critical considering the increasing frequency and severity of global climate change-induced natural disasters."
The pre-seed round was backed by Indico Capital Partners, APX, Fuel Ventures, and Magic Fund.
"Our mission is to give everyone the financial stability that will steer them safely through times of unavoidable hardship by offering accessible, affordable and essential insurance policies. We’ve made huge progress towards this goal in just a few short months, and with our new investment partners, that progress will accelerate."
The investment was led by Amadeus Capital Partners and Praetura Ventures to drive international expansion and product development.
"We process thousands of claims globally with our solution every day and millions of policyholders receive fast and accurate decisions as a result. This investment will enable us to grow further into international markets and continue to invest in our AI-led product to drive towards our vision to ‘Make every claim better‘."
The Chester-based cycle insurer has secured £3.4m in a round led by Puma Private Equity to scale customer acquisition and European growth.
"We’re stoked to close this round and onboard Puma Private Equity as we accelerate growth in the UK and Europe, the next big step in our mission to protect the world’s riders. Working with a company aligned with our values combined with their depth of experience in international growth across a wide range of technology-enabled sectors is a perfect match for Bikmo."
The seed round was led by Insurtech Gateway with participation from One Planet Capital, the University of Surrey, and angel investors.
"We are thrilled to have secured this significant funding round, led by Insurtech Gateway. This investment not only validates the tremendous potential of Renew Risk, but it also propels us forward on our mission to help improve the financial processes key for the transition to green energy. With this support, we are now poised to accelerate our product development, expand our market reach, and continue driving innovation in the industry. We are grateful to our esteemed consortium of investors for their trust and belief in our vision and we are excited about the transformative impact we will make in the insurance industry."
