Arma Karma raises £1.5m in a seed round from OION Angels to drive technology development.
OION Angels backed the insurtech firm in a round designed to accelerate technology development.
Arma Karma provides a monthly contents insurance subscription tailored for renters, covering multiple personal items against loss, theft and damage.
Arma Karma has secured £1.5m in a seed funding round backed by OION Angels. The capital will enable the insurtech company to accelerate its technology development to accommodate its growing subscriber base. The funding follows support from the Oxford Innovation ecosystem, which facilitated the connection between the Colchester-based firm and angel investors at the OION Showcase event.
The company has gained industry traction since launching its platform in late 2021, including winning an award at the 2022 British Insurance Awards. The new financing aims to build on this momentum through 2023.
From the founder
"Oxford Innovation Finance Angels are the very definition of smart-money, and we couldn’t be happier to have them join our journey. Our seed funding round is set to propel us in 2023, doubling down on the developments and success we saw across 2022."
Ben Smyth
CEO and Founder at Arma Karma
Investor perspective
"Arma Karma is an exciting business with a proven concept that is already gaining traction in its core markets. Following the introduction from Oxford Innovation Space, we met the experienced founding team at our Showcase event and was impressed with their proposition and significant growth potential. With younger generations relying more heavily on technology and gadgets to assist them through the different stages of their lives, we see the insurance and protection of them as a big market opportunity."
Richard Cooper
Managing Director, Oxford Innovation Finance
Use of funds
- 01Continue product development
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About the company
Arma Karma
Arma Karma offers flexible contents insurance subscriptions for renters.