London insurtech start-up completes $2.7m funding round

London-based insurtech start-up Digital Fineprint (DFP) has raised $2.7 million in its second funding round led by Pentech Ventures, a UK-based software-focused venture capital firm.

The insurance-tech start-up will use the funds to grow its London-based team, continue the development of its social media-powered insurance distribution software, and expand geographic coverage, it said.

Digital Fineprint's existing investors also participated in the second fundraising round, completing other new investors including Force Over Mass, and angel investors from the insurance and fintech community including Andy Homer, the previous CEO of AXA UK.

The company also announced that Marc Moens, partner at Pentech Ventures, will join its board of directors.

"As a fund, we have looked closely at the insurtech space and the traction achieved by the team at DFP in such a short amount of time is impressive," Moens said. "Their niche focus on helping insurers use social media to find new customers and gain actionable insights has worked well, and we are looking forward to helping DFP grow."

Since its inception at Oxford University in 2016, DFP has worked with insurers such as Hiscox, MetLife, QBE, and Allianz.

Erik Abrahamsson, CEO of DFP, said: "Partnering with Pentech is an amazing milestone for Digital Fineprint and the whole team is excited about this great opportunity. It’s fantastic to see the growth in the value we create, both for the insurers using our platform and their end customers, and we are looking forward to continuing to expand the business so that we can partner with further insurers."

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