Bluezone secures £1.5m seed funding led by Insurtech Gateway and AV8 Ventures to expand its team and launch its diabetes insurance product
The seed round was co-led by Insurtech Gateway and AV8 Ventures to support the launch of new insurance products for chronic conditions.
Bluezone is a life insurtech business that builds technology to improve access to insurance for individuals with chronic health conditions. The company uses artificial intelligence and medical data to modernise underwriting processes.
Life insurtech business Bluezone has raised £1.5m in a seed round led by Insurtech Gateway and AV8 Ventures. The financing also saw participation from Oxford Capital, Portfolio Ventures and several angel investors. The company will use the capital to expand its team and launch its first product, which is a life insurance offering tailored for individuals with Type 2 Diabetes.
The London-based start-up has developed a proprietary medical underwriting risk engine known as PURE. This technology applies artificial intelligence and machine learning to large medical datasets to calculate precise risk scores and offer fair premiums. The platform aims to replace traditional, cumbersome underwriting methods with a streamlined digital journey.
Backers for the round noted the strength of Bluezone's pricing model and its potential to modernise the insurance market for vulnerable demographics. Leadership at the firm indicated that the collaboration with its new investors will help accelerate product delivery and support future fundraising milestones.
From the founder
"Insurtech Gateway and AV8 Ventures are the ideal partners for Bluezone Insurance; their deep industry expertise, insurance network and track record of de-risking early-stage insurtech businesses from regulatory approvals and insurance capacity clearly differentiates them from other seed stage funds. Collaborating with them will accelerate our process of launching a product into the market and achieving the milestones required for the next investment round. During our fundraising journey, they provided us with ample support, progressed quickly and made introductions to impactful angels and excellent co-investors."
Karan Mehta
Co-Founder & CEO at Bluezone
Investor perspective
"We look forward to helping Bluezone launch its fairer solution for those managing chronic health conditions. Their team has built a next generation pricing model and AI platform based on deep medical insights. We are excited to work together to make it accessible to those in need."
Stephen Brittain
Co-Founder, Insurtech Gateway
Use of funds
- 01Grow the team
- 02Continue product development
