Inter Resolve secures £30m war chest

Independent injury claims specialist Inter Resolve has secured a major funding deal with venture capital firm Balderton Capital

The company will use the funding to expand its personal injury claims business which hands Inter Resolve a substantial war chest of around £30m for claims acquisition, the company said.

Tim Bunting, prtner at Balderton Capital, will also join the board of Inter Resolve.

Peter Ashdown-Barr, chief executive of Inter Resolve, said: “Costs and delays, particularly in small injury claims, continue to challenge insurers and claimants despite the forthcoming MoJ rule changes. As Inter Resolve is not a law firm, we can work with both sides outside the usual legal process and deliver significantly greater savings for insurers while ensuring claimants get independent advice.

“This investment will mean these benefits can now be offered on a much wider basis to the market. The timing of this investment could not be more relevant and we are delighted to welcome Tim Bunting on to the Inter Resolve board.”

Tim Bunting, partner at Balderton Capital, said: “Inter Resolve has demonstrated that it has a viable alternative to the current personal injury claims process. The volume of claims and response from insurers shows a robust solution is required to achieve real change. We believe that InterResolve has the structure and ability to deliver that across the market and we have every confidence in Peter’s ability to build the business further.”

Cavendish Corporate Finance advised the Inter Resolve team on the equity investment by Balderton.