Superscript, the business insurance challenger, has announced a new £8.5 million fundraise, led by existing investor, BHL Holdings, alongside investment from the Government’s Future Fund, Seedcamp, Concentric and the London Co-Investment Fund.
An insurance provider for the new normal, Superscript delivers flexible insurance to match small businesses’ changing needs. The investment will help the company to double its UK workforce over the next 12 months and further invest in its proprietary technology. This will enable Superscript to ramp up its capabilities to support the new wave of small businesses that want and need flexibility in the way they manage their insurance.
The company has seen rapid growth in 2020. Throughout the COVID-19 pandemic, it’s offered payment breaks for customers and allowed businesses to add additional activities to their policy without extra fees. It’s also offered free medical malpractice cover for NHS health workers and insured clinical trials for COVID-19 tests.
Cameron Shearer, Co-Founder and CEO at Superscript, comments: “The current pandemic has hit small businesses a lot harder than their larger, established counterparts. The economy is experiencing significant turbulence right now and the business landscape will be unrecognisable in a year’s time. As a small business championing small businesses, this investment will speed up our ability to deliver bespoke insurance to underpin individual business needs. Helping businesses to not only weather this storm, but scale and thrive.”
Tom Wilson, Partner at Seedcamp, adds: “We’re pleased to be continuing our investment in Superscript’s growth. What first attracted us to invest in the insurtech is what still excites us today. Superscript has truly transformed the insurance experience for small businesses, with an attractive online user journey and bespoke, flexible cover options. It has proven its commitment to supporting its small business customers during the current pandemic and we’re excited to see its next stage of growth.”
This additional investment follows Superscript’s £8 million Series A funding in February 2020. Since launching in 2015, Superscript has turned the business insurance market on its head. Where incumbent insurance providers are unable to adapt their policies fast enough to keep up with changing business needs, through its proprietary technology Superscript has built a reputation for reacting quickly with personalised, affordable and flexible subscription-based cover that helps small businesses adapt to changing environments, to grow and scale.
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