Insurtech Policy Castle seeks £1m in investment as it looks to grow

money
Policy Castle joins Worry and Peace and In My Bag in raising money in 2018

Insurtech start-up Policy Castle has become the latest venture to seek funding, with a stated ambition to raise £1m.

The digital household insurance broker joins the likes of In My Bag and Worry and Peace in looking to fill up their coffers, with those businesses already seeking £500 000 and £150 000 respectively.

Already in 2018 alone insurtechs Zoe (£400 000), Dinghy (£850 000), Urban Jungle (£1m) and Digital Fineprint (£2m) have successfully sought backing from the private equity and seed funding markets .

Policy castle CEO and founder Edmund Dilger told Post: “This [£1m] will allow us to hire more people to do the marketing, work on product features and to help with the sales, especially the white label element, as we strive towards our objective of growing profitably.

The business previously raised £150 000 under a Seed Enterprise Investment Scheme, and Dilger said that it had started preliminary conversations with potential investors, noting that he had been watching with interest the recent raises in the insurtech sector.

“For us there are clearly a lot of people looking at this space including a mixture of angels and seed funds and that is who we would expect to be interested in us as an investment,” Dilger continued, adding it had not set a deadline for the raise, but that “it would probably take up quite a lot of my time over the coming months.”

Among the burgeoning opportunities for Policy Castle, Dilger highlighted the potential of working with high street brokers: “A lot of them want to spend most of their time on SME, but end up doing household for the owners of these SME businesses, anyway.

“And we found - through conversations - that there was more of this than you might think, and so we have one live [partnership] and a few others just starting, where a broker has told us that they are happy for a share of the commission and hand it over to us [to handle]. For them to concentrate on the £4000 [commercial] premium and us the £400 [household] stuff. And I think we will do more of that.”

Last year Policy Castle announced that it would offer discounts to customers who installed smart home devices and then unveiled a partnership with Aviva-backed home security system provider, Cocoon.

 

 

 

 

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