The insurance-tech startup will use the funds to grow its London-based team, continue the development of its social media-powered insurance distribution software, and expand geographic coverage.
Digital Fineprint (DFP) is pleased to announce its second fundraising round, which saw new and existing investors commit US$2.7m (£2m) into the company. Pentech, a UK-based software-focused VC who have previously invested in high-growth tech businesses including Nutmeg, Fanduel, and Maxymiser, led the round. Existing investors also participated in the round, and new investors included Force Over Mass, and angel investors from the insurance and fintech community (including Andy Homer, the previous CEO of AXA UK). Marc Moens, partner at Pentech Ventures, will join DFP’s board of directors.
“As a fund, we have looked closely at the insurtech space and the traction achieved by the team at DFP in such a short amount of time is impressive. Their niche focus on helping insurers use social media to find new customers and gain actionable insights has worked well, and we are looking forward to helping DFP grow,” Marc Moens added.
Since its inception at Oxford University in 2016, Digital Fineprint has gone on to work with insurers such as Hiscox, MetLife, QBE, and Allianz. These insurers are using DFP’s expertise in machine learning technology, predictive modeling and social media analytics to increase lead generation and product upsell/cross-sell. The platform also generates actionable insights for marketing, underwriting, and risk.“Partnering with Pentech is an amazing milestone for Digital Fineprint and the whole team is excited about this great opportunity,” said Erik Abrahamsson, CEO of DFP. “ It’s fantastic to see the growth in the value we create, both for the insurers using our platform and their end customers, and we are looking forward to continuing to expand the business so that we can partner with further insurers.”
About Digital Fineprint
Digital Fineprint (DFP) is a London-based insurtech startup helping insurance companies use social media data. Launched out of Oxford University and accelerated by Allianz and Accenture’s, the company is now backed by Eos Venture Partners and Pentech. Insurers such as Hiscox, QBE, and MetLife have partnered with Digital Fineprint and the startup is now expanding its presence in the UK and abroad.
Pentech is a leading UK venture capital investor, having been actively investing in early-stage software companies since 2001. Its latest fund – the £88m Pentech Fund III – was launched in May 2017 and will invest in early-stage software companies throughout the UK. Prior investments include FanDuel, Nutmeg, Maxymiser, TravelNest and Outplay.