Munich Re-backed insurtech Wrisk raises additional £0.5m

Insurtech startup Wrisk, which is  backed by firms like Munich Re, Hiscox and QIC, has raised over £500,000 in two days in its second crowdfunding campaign.

This follows Wrisk’s crowdfunding campaign in October 2017, which raised £600,000 from over 500 investors across 27 countries in under a week. Since then, the startup has gained FCA authorisation and launched the beta version of its app for purchasing contents insurance. The company has also recently entered into an agreement to deliver BMW’s insurance for vehicles sold in the UK.

Wrisk combines insurance and technology in one app. Starting with contents insurance, Wrisk will expand its offering to serve the insurance needs across different aspects of people’s lives. From motor to travel, health to professional, Wrisk will bring everything together into one plan that can grow with its customers, the company claims.

Customers are given a Wrisk Score which provides the information they need to understand their risk. The more information provided, the more accurate the score becomes, empowering customers to get a better score and reduce their premiums, the firm says.

The insurtech firm added that it is seeking as many investors as possible on the next phase of their growth trajectory.

"Wrisk may be the new kid on the block, but we’re extremely proud of what we’ve achieved already," said co-founders Niall Barton and Darius Kumana. "In a relatively short space of time, we’ve formed partnerships with the likes of Munich Re, BMW and Hiscox, gained FCA authorisation, launched our first insurance line and got our app into the hands of real customers who are already giving us great feedback."

"We are delighted by the response we’ve received to our second crowdfunding campaign. For us, crowdfunding has always been about much more than just investment. It’s allowed us to build a community of not just financial backers, but supporters, advocates and customers, and we can’t wait to welcome both new and old faces to that community as a result of this current round,” the co-founders added.

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