A British insurance technology (insurtech) company, Bondaval, has received significant funding from one of Europe’s leading venture capital firms. Founded in 2020 by Tom Powell and Sam Damoussi, Bondaval has secured a deal to raise approximately £15m from investors led by Dawn Capital. Dawn Capital is known for its early backing of successful companies such as iZettle, Quantexa, and Tink.
The new capital will be utilized to launch a reinsurance vehicle called Bondaval Re, diversifying the company’s current status as a managing general agent. With operations in over 30 countries and offices in London, New York, and Dallas, Bondaval has an extensive global reach. Notably, existing investors, including Octopus Ventures, also participated in the funding round.
According to Bondaval’s chief underwriting officer, Ewa Rose, the launch of Bondaval Re will provide a scalable solution to support the company’s continued growth and prepare for further expansion. Rose also stated that this move demonstrates the company’s long-term investment and commitment, as well as confidence in their underwriting abilities.
The new reinsurance vehicle will enable Bondaval to collaborate with reinsurers and insurers, opening up new markets for its innovative technology. Partner at Dawn Capital, Dan Chaplin, commented on the company’s unique approach, stating that “Bondaval is combining innovation at the insurance product level with a technology platform that enables greater transparency and granularity in underwriting.” Chaplin believes that this will expand the addressable market for risk protection and play a crucial role in securing the fast-growing global trade economy.
In other business news, Dr. Martens profits have taken a hit, the owner of Royal Mail has agreed to a £5.3bn takeover, and the UK has the most expensive diesel in Europe.
