Digital Risks, an online insurance service, has collected $10.4m in its funding round led by BHL Holdings.
The capital injection was also backed by Nire Capital and previous Digital Risks investors Concentric, Beazley and Seedcamp.
During the next 12 months, the startup is looking to further develop its insurance software and accelerate its product expansion. It has a goal of becoming the ‘go to’ insurance firm for business cover.
In addition to this, it is looking to improve its customer experience across all touchpoints and create new account features.
The UK-based InsurTech provides business insurance to over 750 industries, offering cover including public and product liability, employers liability, cyberattacks, professional indemnity, contents and equipment and commercial legal protection.
BHL CFO Ian Leech said, “We’re living in the age of the disrupter. Across every industry new tech-led businesses are changing attitudes and processes for the better. In the insurance sector, a market deeply ingrained with traditional ways of working and thinking, it’s Digital Risks that is leading this charge.
“Offering flexible, bespoke cover to SMEs faster than ever before. An extremely exciting business in its field, Digital Risks is looking to continue its rapid growth across the UK. This investment will help support the business to achieve this goal.”
The InsurTech platform previously raised £2.25m in a round led by Concentric back in 2018. It raised the round to support its expansion across Europe.
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