UK-based InsurTech platform Digital Fineprint has closed a $2.7m funding round led by Pentech.
New investor in the company Force Over Mass joined the round, which also saw existing investors make contributions to the round. Among the investors was a group of angels from the insurance and FinTech industry, including AXA UK CEO Andy Homer.
Founded in 2016, the company helps insurers use data analytics with social media data, to improve customer targeting, conversion, sales, cross-sell and retention. The companyâ€™s clients include Allianz, Hiscox, MetLife, and QBE.
Digital Fineprintâ€™s solution helps insurers and brokers to create social media advertising strategies, and uses machine learning technology, predictive modelling and analytics to increased product upsell/cross-sell.
Capital from the round will be used to expand its London team, and grow its geographical coverage. Some of the funds will also be used to further the development of its software.
Pentech Ventures partner Marc Moens said. â€œAs a fund, we have looked closely at the InsurTech space and the traction achieved by the team at DFP in such a short amount of time is impressive. Their niche focus on helping insurers use social media to find new customers and gain actionable insights has worked well, and we are looking forward to helping DFP grow.â€
As part of the transaction, Pentech Ventures partner Marc Moens will join Digital Fineprints board of directors.
In late 2016, Pentech participated in the Â£30m funding round of UK-based digital wealth manager Nutmeg.
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