Insurtech group Superscript has announced that it successfully raised an investment of £8.5m.
The funding was led by existing investor, BHL Holdings, alongside investment from the Government’s Future Fund, Seedcamp, Concentric and the London Co-Investment Fund.
The investment will be used to double its UK workforce over the next 12 months and further invest in the proprietary technology which it states is “so important to delivering our intuitive, subscription-based insurance”.
It added: “Against the continued challenging trading environment for all small businesses, this funding will help ramp up our capabilities to support those businesses that want and need flexibility in the way they manage their insurance.”
Cameron Shearer, Superscript co-founder and CEO, said: “The current pandemic has hit small businesses a lot harder than their larger, established counterparts. The economy is experiencing significant turbulence right now and the business landscape will be unrecognisable in a year’s time.
“As a small business championing small businesses, this investment will speed up our ability to deliver bespoke insurance to underpin individual business needs. Helping businesses to not only weather this storm, but scale and thrive.”
Tom Wilson, partner at Seedcamp, added: “We’re pleased to be continuing our investment in Superscript’s growth. What first attracted us to invest in the insurtech is what still excites us today. Superscript has truly transformed the insurance experience for small businesses, with an attractive online user journey and bespoke, flexible cover options.
“It has proven its commitment to supporting its small business customers during the current pandemic and we’re excited to see its next stage of growth.”