Insurtech Wrisk crowdfunds £500,000

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Wrisk took just two days to hit crowdfunding target

Insurtech Wrisk has hit its crowdfunding target of £500,000 in two days.

The Seedrs business investment campaign was launched to top up on an initial £3m investment.

It is now already into overfunding, and Wrisk stated it wants “to let as many eager investors as possible in on the next phase of their growth”.

Wrisk last year raised £600k from over 500 investors across 27 countries in under a week. Since then, the startup has gained FCA authorisation and successfully launched the beta version of its app for purchasing contents insurance.

Growth

Wrisk’s founders Niall Barton and Darius Kumana decided to crowdfund once again as part of an interim bridge round, allowing them to delay the launch of their Series A until next year, by which time they say significant growth is anticipated.

And in a statement the co-founders added: “Wrisk may be the new kid on the block, but we’re extremely proud of what we’ve achieved already.

“In a relatively short space of time, we’ve formed partnerships with the likes of Munich Re, BMW and Hiscox, gained FCA authorisation, launched our first insurance line and got our app into the hands of real customers who are already giving us great feedback.

“We are delighted by the response we’ve received to our second crowdfunding campaign. For us, crowdfunding has always been about much more than just investment.

“It’s allowed us to build a community of not just financial backers, but supporters, advocates and customers, and we can’t wait to welcome both new and old faces to that community as a result of this current round.”

Customers will be able to buy insurance straight from their smartphone and purchase multiple types of insurance in one plan.

App users will be assigned something known as a Wrisk Score, which is like a credit score for personal risk.

Wrisk’s aim is to appeal to more than half (61%) of all UK renters who have no contents insurance and the third (31%) of young people who have never bought travel insurance.