London-based insurtech incubator Gateway is eyeing up to £30m of investment for its new fund which was introduced to extend support to re/insurance technology start-up.
Gateway said that the company has completed its first fundraise which was backed by global insurance and reinsurance firms.
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InsurTech Gateway CEO Richard Chattock said: “The launch of the Gateway Fund will enable us to give startups an unprecedented level of support; from pre-pre seed, right the way through to series A and beyond.”
The Gateway Fund has already invested £2.25m in four portfolio companies.
These companies include By Miles, a usage-based car insurance offering ’per mile’ insurance to low mileage drivers; Floodflash, a provider of tech-enabled flood insurance for small business; Guardhog, plug-in insurance for the sharing economy and gig-economy platforms; and Insurdata, a solution use to create accurate exposure data globally for all perils.
Additionally, the fund is also leading the seed round of Humn, a dynamic pricing system for car fleet operators.
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By GlobalDataHumn CEO and founder Mark Musson said: “Partnering with the InsurTech Gateway has allowed us to throw away our Lonely Planet guide to insurance and travel some of the more remote routes of the industry safely and quickly, leaving us to do what we do best and saving us at least 10 months in getting to market with a wrapped insurance product.”
The new fund seeks to open up opportunities for corporate investors to gain access to investment and underwriting deal-flow from the Gateway Incubator.
