Dinghy, an on-demand insurance provider which launched this week, has secured a $1.2m funding round led by Balderton Capital.
Other participants to the round included a group of angel investors and ReSolution.
UK-based Dinghy is an on-demand insurance provider for freelance professionals, which enables them to get flexible insurance policies. The product helps insure any freelancers for their business risks and against equipment damage or theft.
Through the online solution, consumers can receive quotes within just 40 seconds, and policies in 90 seconds. The policies charge lower premiums when the holder is not working, but still offers full coverage.
Balderton Capital partner Rob Moffat said, “The traditional insurance model just doesn’t provide the affordable and flexible cover that many freelancers need to fit their own flexible way of working. There is a huge opportunity for a company that offers Professional Indemnity and other policies on a ‘pay as you use’ model, which the Dinghy founders understand deeply through their unique combination of insurance and freelance experience.”
Last year, Balderton Capital closed its sixth fund on $375m, surpassing the capital pool of its predecessor which had $305m. The new vehicle will make multi-stage investments in to technology companies across Europe.
In a recent interview with FinTech Global, Balderton Capital’s Colin Hanna a key area of interest for the firm is machine learning and social media opportunities, as they are yet to realise their full potential.
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