London-based data analytics provider, Digital Fineprint (DFP) are celebrating a successful round of fundraising with a $4m investment from Eos Partners and Pentech Ventures. The fundraising follows a period of rapid growth and success for the company, which is predicted to become a category leader in the field of commercial insurance analytics.
DFP’s technology leverages open and proprietary data helping insurance professionals to achieve profitable growth through enabling a 360-view of real-time risk profiles on commercial entities. This technology has been used by Hiscox, QBE, Euler Hermes and other leading insurers, and has also been awarded “Best Global InsurTech” and “Best InsurTech Supplier” by the industry organisations.
DFP will use the new funds to further extend their tech team maintaining a product focus on data and insights. They will also concentrate on customer success, achieving deeper relationships with their existing and new partners. In addition, the company plans a future geographic expansion with North America being a key strategic market.
Sam Evans, Partner at Eos Venture Partners said: “Having worked with the company for the past three years we were delighted to lead this round. DFP target an underserved and rapidly growing market and have built an approach that allows the capture, structuring and analysis of multiple new data sets to support premium growth, enhanced underwriting profitability and better customer outcomes.”
Erik Abrahamsson, Founder and CEO at DFP commented: “Sam, Carl and the rest of the team at Eos invested as Angel investors back in 2016. Now that they have raised their flagship fund, we are honoured and privileged to be one of the first investees from the fund itself. Being 100% insurance-focused, the team at Eos Venture Partners are incredibly helpful and knowledgeable, which helps us rapidly scale up the DFP proposition.”
Existing investors also participated in the fundraising round. “Over the past 2 years DFP has already achieved clear recognition in the insurance world for the way it uses powerful technology and Big Data to transform the way the insurance community profiles SME risk, thereby improving the reach and profitability of DFP’s clients,” said Marc Moens of existing investor Pentech Ventures. “DFP is poised to become the category leader in data-driven innovation for the insurance industry, and we are thrilled to continue to support DFP in its next phase of growth.”
The announcement of the investment is not the only piece of news from DFP. The team has just announced an exciting new partnership with RSA with significant growth potential and released a new feature of its Risk Atlas software surrounding insurance renewal notifications. Renew is a relationship management component that keeps insurance professionals up to date on their customer needs. The company was also competitively selected to take part in the Lloyd’s Lab – Lloyd’s of London innovation programme focused on commercial insurance.