MMC is a venture capital firm with a consumer technology portfolio including Gousto and Bloom & Wild.
Target Global led the £50m Series B round to support product development and global expansion.
"The life insurance industry is ripe for transformation. For too many years, life insurance has focused solely on paying out a lump sum upon death. It is now time to reimagine the very nature of life insurance by putting ‘life’ first, and inspiring members to live their best lives every single day, using insurance as a tool to enhance their physical, mental and financial wellbeing,"
The Series B round was co-led by Insight Partners and Dawn Capital to support platform innovation and hiring.
"When we launched Ably five years ago, we had a clear vision that realtime interactions would underpin rather than just augment our everyday digital experiences. Today, our most important daily and digital experiences happen in realtime. It’s business critical now, and organizations realize they must keep up and transform to remain relevant,"
The London-based financial technology firm has closed a Series A round co-led by Anthemis Group and MMC Ventures to support team growth and product expansion.
"Following a break-out 12 months in which we increased AUM by 10x, we wanted to bring in the best possible investment partners to support our ambitious growth plans. We have long admired both Anthemis Group and MMC, so I am delighted that they co-led the round and we are excited to work with Sean, Ollie and their respective teams, as we move into the next phase of our journey to redefine cash investment and front-office treasury."
The Series A round was led by MMC Ventures and will support global expansion and product development.
"Insurers are increasingly embracing digital innovation, but there is still significant opportunity for further optimisation, particularly in the underwriting process. Our customers are already seeing significant benefits in using our technology to transform the traditional underwriting journey, and benefiting from higher conversion rates and improved underwriting outcomes"
The funding round was led by Bridford Investments and featured a crowdfunding campaign on Crowdcube.
"The sheer popularity of the crowdfund shows that Penfold is a solution to a real problem for lots of people. Saving for your future should be as easy as online banking, but the legacy pension companies are making it hard for consumers to have visibility or control of their pension pots. We’re cutting out the complexity in pensions – and people are showing their support by investing in us."
