Startup investor InsurTech Gateway has held a first close on its debut fundraise, which could reach up to £30m at final close.
The startup incubator and investor said the new fund was backed by global insurance and reinsurance companies.
Gateway Fund has already been used to invest £2.25m across four portfolio companies, including ‘per-mile’ car insurance business By Miles, small business flood insurance provider Floodflash and data provider Insurdata.
It is also leading the seed round for Humn, a dynamic pricing system for car fleet operators.
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 firm has already been acting as an incubator since 2017.
Earlier this year InsurTech-focused venture capital firm IA Capital Group raised a total of $150m for three funds to invest in the various sectors of the insurance technology market.
Last July InsurTech-focused venture capital firm MTech Capital hit the half way point for its debut fundraise by pulling in $75m for a first close.
