InsurTech Gateway seeks £30m investment for first insurer fund

Insurtech incubator and venture capital firm  Gateway is targeting up to £30 million of investment for its new fund launched to support technology start-ups in the insurance and reinsurance space.

The company has closed its debut fundraise supported by global insurance and reinsurance companies.

The Gateway Fund has kicked off by investing £2.25 million in four portfolio companies, including By Miles - UK-based provider of pay-per-mile car insurance, Floodflash - a provider of tech-enabled flood insurance for small business, Guardhog - plug-in insurance provider for the sharing economy and gig-economy platforms, and Insurdata - a technology provider for peril-specific exposure and risk data.

It is also leading the seed round of Humn, a dynamic pricing system for car fleet operators.

The new fund aims to open up opportunities for corporate investors to gain access to investment and underwriting deal-flow from the Gateway Incubator.

“The launch of the Gateway Fund will enable us to give startups an unprecedented level of support; from pre-pre seed, right the way through to series A and beyond.” Richard Chattock, CEO of InsurTech Gateway

Stephen Brittain, co-founder of InsurTech Gateway, said: “Through this new fund vehicle, our corporate investors have been able to gain access to fast-growth businesses from the incubator, and insights into their challenges and future potential that they cannot access easily elsewhere.”

Mark Musson, CEO & founder of Humn commented: “Partnering with the InsurTech Gateway has allowed us to throw away our Lonely Planet guide to insurance and travel some of the more remote routes of the industry safely and quickly, leaving us to do what we do best and saving us at least 10 months in getting to market with a wrapped insurance product.”

Adam Rimmer, co-founder of FloodFlash, added: “The team behind the InsurTech Gateway have formidable breadth of knowledge when it comes to getting start-ups off the ground. They get what startups need, have an impressive network, and the opportunity for incoming startups to cut down their time to market is very valuable.”