Prism Network wins £2m venture capital boost

Disaster recovery and building repairs company Prism Network has secured a £2m investment as it looks to increase its market share by working with more brokers and winning the direct business of insurers.

Prism will use investment from venture capital firm Midven and ABN AMRO to recruit more broker account managers, expand its Midlands headquarters and increase its network of contractors.

Prism works with more than 450 brokers including those in the Brokerbility and Cobra networks, and expects to work with nearly 2,000 by early next year.

The three-year-old company has grown from a £500,000 turnover in 2011 to £2.5m in the year to 30 June 2013.

Managing director Mark Orton said: “We have many exciting initiatives planned for the next 12 months which we believe will shake up the market.”

“The repair network industry is fragmented. Insurers and brokers are looking for an integrated service which manages the repair works from start to finish, and factors in overall claim indemnity spend, including business interruption.”

Midven investment director Surjit Kooner said: “We were impressed with the excellent management team who have significant experience in the insurance and property sector, and by the high levels of customer service Prism’s clients receive. We believe that our investment will help the company accelerate growth and become a major supplier in the market. It already has significant opportunities in the pipeline.”