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It was just in March that SME health insurance plans provider Equipsme outlined that chair Russell Kilpatrick had poured funding into the British start-up… now another investor has been named.
As part of an overall £2.5 million Series A financing round led by Livingbridge, the insurtech has secured £2 million in additional development capital. The round involved funds from the Baronsmead Venture Trusts, as well as a number of angel investors.
“The response we’ve received over the past six months has been nothing short of incredible,” noted Equipsme managing director Matthew Reed. “We’ve far exceeded the number of retail distribution partners originally anticipated, and with brokers constantly knocking on our door to buy cover for their own teams as well as make it available to their clients.”
The funds will be used to scale up distribution. Reed believes the capital injection demonstrates investor confidence not only in the strength of Equipsme’s offering but also in its potential to benefit enterprises in the UK.
“Matthew and his team have a clear vision to help smaller and mid-sized UK businesses protect their teams – and they have the proposition and the expertise to achieve that vision,” commented Livingbridge’s Andrew Garside. “It’s a great idea supported by a well-thought out product and the scalability to fill the huge gap that exists in the market.
“We are delighted to support them on their journey.”
