The small business-focused insurtech will use funds to increase growth and expand operations.
The insurtech sees huge potential in the LatAm insurance market in light of recent regulatory changes.
The company aims to expand its digital insurance solutions dedicated to address risks such as COVID-19.
The company raised $19.5 million Series A funding in March to support its international expansion.
The new product is designed to meet the needs of private equity managers and their portfolio companies.
The company provides AI-powered underwriting decisioning platform for US commercial property and casualty (P&C) carriers.
The company says its platform will be 'invaluable' to UK insurers as they look to adapt to regulatory changes post-Brexit.
The fund invests in global insurtech companies and facilitates engagement between incumbents and emerging technology providers.
Envelop Risk will deploy the funds to grow cyber and specialty re/insurance business in London and Bermuda.
The partnership aims to develop new parametric solutions to actively respond to an evolving risk landscape.