Insurtech InMyBag seeks £500,000 in funding

Specialist tech insurer InMyBag is targeting £500,000 through crowdfunding as it launches an offering to replace gadgets.

InMyBag’s research suggests consumers are being forced to spend at least 10 days, in an average best-case scenario, waiting for their gadgets to be repaired or replaced. The firm wants to “take on sluggish replacement times and convoluted claim processes that are damaging customer confidence in the industry,” according to a Jan. 22 press release.

This is of particular concern for professionals who work in a freelance capacity, who cannot afford to be without their tech equipment for weeks on end, the company claims.

InMyBag offers insurance to both individuals and small and medium-sized enterprises (SMEs) with a UK first guarantee – an aim to replace lost, stolen or damaged gadgets in as little as four hours and always within 24 hours. The firm’s products, which start from as little as £7.99, aim to give small businesses and individuals who rely on technology for work the confidence that their vital equipment is covered and can be replaced quickly through the use of Amazon Prime and Apple’s distribution networks.

For extra peace of mind, InMyBag also has an exclusive partnership with CrashPlan, a company that brings a backup service to customers at no additional cost.

The initial funding round kicks off on the Jan. 22. InMyBag will use the money raised to grow its development and sales teams. The funding round will stay open for up to 60 days and give investors a chance to chance to walk away with a portion of a 16.67 percent stake in the company’s equity.

“Spiralling replacement times and convoluted claims processes have created a perfect storm for customers who have no confidence that their invaluable gadgets will be replaced in anything like a timely manner,” said Gustav Holst Stuge, CEO of InMyBag.

“Quite simply the insurance industry is failing to move with the times – as companies and freelance workers are more and more reliant on their devices to work remotely, the prospect of spending any sort of time without their tools is unthinkable.

“As devices become pricier – and consequently more attractive to opportunistic criminals – there’s more need than ever that consumers can trust their insurance provider to deliver. We’re hoping that this fundraise will give us the resources to reach even more people that need ultra-responsive cover.”

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