Envelop Risk raises £94m in Series B funding led by SoftBank Vision Fund 2
SoftBank Vision Fund 2 led the Series B financing to fund international growth and new product development.
Envelop Risk is a data-driven underwriting and risk analytics firm providing cyber reinsurance solutions. Headquartered in Bristol, the company combines artificial intelligence with insurance expertise to model complex commercial exposures.
Envelop Risk has raised £94m in a Series B funding round led by SoftBank Vision Fund 2. The capital will enable the cyber reinsurance firm to expand operations, develop predictive analytics, and establish a hybrid balance sheet model for deploying its own risk capital.
Founded less than five years ago, the company has underwritten more than £180m in business while outperforming traditional industry benchmarks. The transaction, which is anticipated to close in October 2021 pending shareholder approval, also brings Neil Cunha-Gomes onto the board of directors.
From the founder
"We are delighted to have reached such a significant milestone in our funding journey. This transaction will allow us to continue our leadership in data-driven specialty (re)insurance underwriting and will be transformational for our business reach and activity. For the first time Envelop Risk will be able to assume positions in risk capital, which gives us greater alignment with our partners. We are all really excited to work with SoftBank Investment Advisers and together meet the huge opportunities that we see present in emerging and complex risk underwriting."
Jonathan Spry
Co-founder and CEO at Envelop Risk
Investor perspective
"While companies all over the world are improving their digital preparedness, the cyber threat landscape continues to evolve at a rapid rate. We believe Envelop Risk has developed a proprietary data-driven approach to meet this threat through an enhanced level of protection that directly translates to lower loss ratios. We’re pleased to partner with Envelop Risk in its journey to enable risk capital and provide much needed capacity to the nascent cyber risk market."
Karol Niewiadomski
Senior Investor, SoftBank Vision Fund 2
Use of funds
- 01Scale operations
- 02Fund research and development
- 03Expand into international markets
Investors
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About the company
Envelop Risk
Envelop Risk provides data-driven underwriting and cyber risk analytics.