B2B insurtech BondAval secures major funding
by Startacus Admin
BondAval secures $1.64 Million Pre-Seed funding to help accelerate its product roll-out, further develop its machine-learning technology and expand its team
Fantastic news for B2B insurtech BondAval as it announces it has secured $1.64 million in seed financing led by Insurtech Gateway alongside True Sight Partners and prominent angel investors such as Carlos Gonzalez-Cadenas (formerly COO of GoCardless, now Partner at Index Ventures), Yi Luo (Greensill), Chris Adelsbach, Will Neale and Charlie Songhurst.
BondAval democratises access to the best credit terms via its unique credit risk engine, which enables the instantaneous issuance of its innovative new product – MicroBonds. MicroBonds provide investment-grade certainty to wholesalers when securing their stock and inventory.
Founded early last year by Tom Powell and Sam Damoussi, the development of this novel insurance product is enabled by the use of data and technology. MicroBonds offer a new financial instrument to level the playing field for independent retailers. The co-founders have a shared ambition of bringing customer-centric and digital-first principles to a traditionally slow-moving and opaque sector and believe they are well positioned to provide an innovative new product offering to the €2.5tn+ of global exposure secured by trade credit insurance globally.
BondAval Co-founder and CEO Tom Powell said, “The gulf between corporates and independent retailers trying to secure credit terms is vast and, in our opinion, unfair. Our vision at BondAval is to redress this balance, allowing independent retailers to leverage investment grade security. Their word – our bond. To achieve this vision, we are excited to partner with our new investor shareholders, led by Insurtech Gateway. They understand the value we can bring by applying digital first propositions to the world of B2B insurance. “
Sam Damoussi Co-founder and COO continued “Independent retailers are competing on an uneven playing field when it comes to credit terms. We also see a huge delta in the user experience between the B2B and B2C insurance sectors. By leveraging technology and the founding principles of insurance we can level that playing field and vastly improve the user experience. We look forward to growing our team and raising the bar across the industry in order to deliver on our plans for the next year.”
The company will be using the capital raised in order to accelerate its product roll-out, invest in recruitment, and further the development of its machine-learning technology. Regulatory and administrative approvals are underway, with commercial sales expected to start this year.
Robert Lumley, co-founder Insurtech Gateway commented, “BondAval's digitised product will make life so much easier and more efficient for retailers to secure credit from their wholesalers and suppliers. We look forward to working with Tom, Sam and the BondAval team to launch their proposition in Europe and the US."
BondAval is a startup that is most definitely worth watching!
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Published on: 26th January 2021
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