Mobile InsurTech platform Wrisk has closed its Seedrs crowdfunding round on £978,682, to seek new partnerships and affinity with new verticals.
The capital round surpassed its initial target of £750,000 which it had reached by April 9. FinTech Global previously reported on the startup having hit the goal, but the company continued to raise funds.
Wrisk raised the capital at a pre-money valuation of £13m and offered 5.44 per cent of its equity to investors.
London-based Wrisk is an insurance app which helps consumers better understand their risk scores and what is impacting their insurance premiums.
Additionally, users can buy insurance policies in the app, specifically selecting what they want to cover. The aim is to provide a single plan to consumers, letting them add or remove items whenever they need. Policies can cover, health, travel, vehicles, home and contents, among others.
Payments are automatically paid on a monthly basis in a subscription style, letting holders pay for what they need to protect.
With the close of the round, Wrisk will use the proceeds to add car insurance services, build a omnichannel experience on its mobile app to improve accessibility, and increase its new customers from its current 700 per month.
To achieve this, the company will look to form partnerships with other stratup FinTechs or PropTechs which have existing marketplaces. It will also look to team up with players in the auto manufacturing industry or insurance incumbents.
One of the company highlights of 2018 included a £1m gross written premium from more than 2,500 customers.
The InsurTech is no stranger to exceeding its crowdfunding goals, having netted £702,000 in a campaign back in 2017. Its pre-money valuation during the former round was £7m and an initial target for the campaign had been established at $500,000.
Wrisk was hand-selected by a panel of experts for the debut InsurTech 100 list. The list is filled with the companies which all financial institutions and major players in the field need to know about.