London-based Insurtech Gateway launches in Australia post £30m fundraise
Gateway, a London-based insurtech incubator that recently closed the first tranche of a new £30 million investment fund, has launched in Australia, and is exploring partnerships in Asia, North America and Central Europe.
Gateway Australia will be led by entrepreneur Simon O’Dell and backed by Envest. It will support early stage startups with pre-seed funding, authorisation and operating support, insurance capacity and help them build connections with potential customers. The incubator expects to welcome its first startup in the coming months.
The insurtech claims to be a "one-stop-shop for founders", where they can get underwriting paper, investment capital and advice on how to design and build their startup. The Gateway fund also supports the portfolio post incubation, to Series A and beyond.
Since launching in the UK in 2017, the Gateway Fund has invested in several insurtech startups, including ByMiles, FloodFlash, Digital Asset Services, Humn, and Insurdata.
Insurtech Gateway is the only Financial Conduct Authority (FCA) authorised independent incubator cum fund.
O’Dell, CEO of Insurtech Gateway Australia, said: “Insurtech is a fast-growing part of Australia’s fintech eco-system, but bringing new ideas to market can be extremely challenging due to complex regulatory hurdles and access to customers. We are rolling out a proven model to rapidly accelerate the development process for Australian insurtech startups."
“The Gateway will turbo-charge the success of our best insurance technology-focused entrepreneurs," he added. "For example, we can reduce the 12-month authorisation process to provide insurance products in as little as two weeks. While we have access to two funds in the Gateway Fund and Envest, it is the smart and strategic value behind this capital that will determine success in today’s competitive environment, and we aim to build a business around that ethos,” he said.
Insurtech Gateway co-founder Stephen Brittain said: “We share a belief that high scale insurtech businesses will come from Australia. We’re trying to keep up with the ambition of a country that thinks globally from day one and was the home of startups like Trov, Atlassian and Xero. The Gateway will connect Australian entrepreneurs with a global network of ambitious founders and investors. This is just the beginning; we’re going to expand into Asia and other key international markets.”
Greg Mullins, partner of Envest, said: “Australia should be exporting our greatest entrepreneurial talent and building more global insurtech businesses. The London Insurtech Gateway team are an impressive bunch. They have the runs on the board. They know how to discover and develop success in the UK and we have been able to achieve that on a traditional basis here.
"We want to be part of the insurtech revolution and help drive that here in Australia. We are proud to be supporting the launch of the Gateway here in Australia; now, our founders will truly have world-class resources to help them compete with the best.”
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