Mobile InsurTech platform Wrisk has netted $702,000 from its crowdfunding platform, after commitments from 495 backers.
The campaign was looking to initially raise ?500,000, from the sale of a total of 6.66 per cent equity. Following the funding round going past the initial target, 9.1 per cent of equity has been sold. The valuation of the company, pre-money, was around ?7m.
UK-based Wrisk allows consumers to get quick access to product insurance. The platform allows a user to buy, update and claim at any time, while also managing various policies.
Through its advanced data-science and actuarial techniques, the company helps users to lower their premium rates. Policies available on Wrisk platform include products for home, contents, motor, travel, business and health.
There have already been several InsurTech investments this week, with insurance provider Homelyfe closing a $2.4m seed financing round. Other companies raising capital this were South African insurance startup Naked, bagging $1.4m, and re/insurance underwriter Insurdata, which netted $1m in seed funding.?
European InsurTech companies have seen a decline in funding across 2017, with the third quarter only seeing $15m invested through four deals. The start of the year saw $90m deployed in 12 transactions.
Copyright ? 2017 FinTech Global