UK-based insurtech Superscript has raised a total of £16.5 million funding this year to expand its footprint in the small business insurance space.
Superscript's latest £8.5 million investment comes from existing investor BHL Holdings, alongside the Government's Future Fund, Seedcamp, Concentric and the London Co-Investment Fund. This follows the insurtech’s £8 million Series A round earlier in 2020.
The company offers subscription-based, bespoke and flexible business insurance to small businesses in the UK. It will use the funding to ramp up its capabilities and further invest in its proprietary technology.
Cameron Shearer, Superscript’s co-founder and chief executive, explained: “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, commented: “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.”
Superscript, BHL Holdings, Concentric, Cameron Shearer, Tom Wilson, investment, insurtech, UK