BondAval secures £1.2m in pre-seed funding from Insurtech Gateway and other backers to accelerate product roll-out.
Insurtech Gateway led the pre-seed round for the B2B insurance platform, with backing from True Sight Partners and angel investors.
BondAval is an insurtech startup that provides a novel form of payment security for supply chains through proprietary MicroBonds. The company operates in both the UK and the US.
BondAval has secured £1.2m in pre-seed financing led by Insurtech Gateway. The round included participation from True Sight Partners alongside angel investors Carlos Gonzalez-Cadenas, Yi Luo, Chris Adelsbach, Will Neale, and Charlie Songhurst. The company plans to deploy the capital to accelerate product deployment, expand its team, and advance its machine-learning technology.
Founded by Tom Powell and Sam Damoussi, the insurtech startup aims to streamline trade credit security for wholesalers and independent retailers. Commercial sales for the platform are scheduled to commence following ongoing regulatory approvals.
From the founder
"The gulf between corporates and independent retailers trying to secure credit terms is vast and, in our opinion, unfair. Our vision at BondAval is to redress this balance, allowing independent retailers to leverage investment grade security. Their word – our bond. To achieve this vision, we are excited to partner with our new investor shareholders, led by Insurtech Gateway.. They understand the value we can bring by applying digital first propositions to the world of B2B insurance."
Tom Powell
CEO and Co-Founder at BondAval
Investor perspective
"BondAval’s digitised product will make life so much easier and more efficient for retailers to secure credit from their wholesalers and suppliers. We look forward to working with Tom, Sam and the BondAval team to launch their proposition in Europe and the US."
Robert Lumley
Co-founder, Insurtech Gateway
Use of funds
- 01Grow the team
- 02Continue product development
- 03Fund research and development
Investors
Robert Lumley
Insurtech Gateway
True Sight Partners
Carlos Gonzalez-Cadenas
Yi Luo
Chris Adelsbach
Will Neale
Charlie Songhurst