UK-based Superscript has picked up another £8.5m in a funding round just months after it closed an £8m Series A round.
The new round brings the total injected in the InsurTech company this year alone to £16.5m.
The latest raise was led by BHL Holdings, alongside the Government’s Future Fund, Seedcamp, Concentric and the London Co-Investment Fund.
The company is providing insurance solutions for small businesses, which has seen an increase in demand due to the Covid-19 crisis.
“The current pandemic has hit small businesses a lot harder than their larger, established counterparts,” said Cameron Shearer, CEO and co-founder of Superscript. “The economy is experiencing significant turbulence right now and the business landscape will be unrecognisable in a year’s time. As a small business championing small businesses, this investment will speed up our ability to deliver bespoke insurance to underpin individual business needs. Helping businesses to not only weather this storm, but scale and thrive.”
Tom Wilson, partner at Seedcamp, added, “We’re pleased to be continuing our investment in Superscript’s growth. What first attracted us to invest in the InsurTech is what still excites us today. Superscript has truly transformed the insurance experience for small businesses, with an attractive online user journey and bespoke, flexible cover options. It has proven its commitment to supporting its small business customers during the current pandemic and we’re excited to see its next stage of growth.”
The news comes hot on the heels of Superscript becoming the first UK InsurTech company to be registered as a Lloyd’s broker earlier in October.