UK insurtech funding firm to open in Sydney

July 25 2019 by InsuranceAsia News Staff

London headquartered Insurtech Gateway, an accelerator for insurance-focused digital start-ups, has announced plans to launch in Australia.

It is understood the firm has recruited Insurtech Australia chairman Simon O’Dell as chief executive to oversee its Australian operations.

The business will be based in the Sydney office of fintech hub Stone and Chalk; meanwhile it is also looking at a possible expansion in Asia and other markets outside of the UK – including central Europe.

The idea is to provide insurtech partners with pre-seed funding and a 12-week program with ongoing support; in addition to access to capital the platform also provides capacity.

Selected partners will have access to investment company Envest and the recently launched Gateway Fund, which revealed last month it had already invested US$2.8 million in four start-ups.

As customers increasingly demand smooth hassle and jargon free digital insurance, Australia has seen a healthy number of insurtechs launch over recent years with some already expanding globally.

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