Digital Fineprint, an InsurTech startup that uses social media to help insurers reach more consumers, have just raised $400k in a seed investment round. Investors included InsurTech VC fund Eos Venture Partners and a group of industry angel investors including Carl Bauer (co-head of Financial Institutions Group at JP Morgan), Stephan Apel (VP at Merrill Lynch) and Shailesh Rao (VP at Twitter and Google).
Digital Fineprint is an InsurTech startup that uses social media help users find the right insurance policy. It undertakes services like Social Autofill, a unique product for automatically filling out insurance application forms, automated underwriting, and building custom-made social data analytics solutions for clients. It was started by a group of graduate students at Oxford University, and went on to win “Best Startup in the UK” at the Grad Factor Awards. Later, it was selected as one of the five most promising startups for Allianz Global Accelerator. After this recognition, the company moved its headquarters from Oxford to London, to be closer to its client base of insurers. Apart from Allianz, Digital Fineprint is also working with Hiscox and four other major insurers to bring the power of social media into the insurance industry. This marks the first funding round of the company, established in February this year.
Erik Abrahamsson, founder of Digital Fineprint, said,
After we partnered with Allianz and began helping consumers find the right insurance policy using social media data, we turned to Eos Venture Partners to help with our fundraising. It has been an exhilarating journey, and we are all grateful and excited for the hard work Sam and his team has put in.”
Recently, the startup was accepted into the FCA Innovation Hub, which assists innovative startups with consumer-friendly propositions in navigating the regulatory landscape. Digital Fineprint is post-product and post-revenue after successful pilots with Hiscox, Allianz and four other major insurers.
Sam Evans from Eos Venture Partners has previously invested in a number of InsurTech startups including RightIndem and Neos. The investment fund has also partnered with StartupBootcamp Insurtech, in order to provide early stage funding for the most promising InsurTech startups.