Browne Jacobson’s corporate team has completed another InsurTech venture capital deal in which it advised The British Insurance Awards 2018 Insurance Start-Up Award winner for 2018, Digital Risks, on its £2.25 million investment round. The round was led by Concentric, with participation from Atami Capital, Seedcamp, London Co-Investment Fund and Beazley.
Digital Risks, co-founded by Cameron Shearer and Ben Rose, is the digital-first insurance provider for fast-growth technology and media businesses, challenging traditional business insurance providers with an entirely online experience and flexible monthly subscription model, ideally suited to today’s millennial run, digital-first businesses. The company has its eyes on the booming digital start-up and SME market, and already insures many of the UK’s top start-ups, in sectors spanning software development and IT services, media, digitised traditional businesses, plus new technology sub-sectors like fintech, medtech and edutech. Its products are backed by underwriters, including Aviva and Tokio Marine.
This is the fourth major Insurtech investment that Browne Jacobson has advised on recently, following funding rounds for Laka, Digital Fineprint and Dinghy. The team was again led by corporate technology partner Jon Snade and assisted by David Hill, corporate trainee, and David Henderson, financial services lawyer. Jon Snade said:
“We are again delighted to continue to build on our reputation for advising high-growth start-ups, notably in the InsurTech sector, and to have the opportunity to work with such a successful, award-winning business. This investment will help Digital Risks to fulfil its plans to scale its marketing, triple its team and develop new online insurance products with a view to expanding internationally, starting with initial moves into Europe in the next 12 months”.
Co-founder and CEO of Digital Risks, Cameron Shearer, commented:
“With Digital Risks, we’re leading the evolution of the insurance industry and making it work for digital businesses, giving them the flexibility they need in today’s market and the convenience to change their cover as required, helping to future-proof their business”.
Digital Risks is another client on the firm’s Grow programme which is tailored specifically for high-growth companies at any stage of the startup journey. The firm now works with over 100 high-growth businesses across a broad range of sectors but notably in InsurTech and FinTech.