Startupbootcamp (SBC) InsurTech has entered into an agreement with investment firm Eos Venture Partners that will provide funding of up to £1 million to the cohort joining the 2017 programme of the start-up accelerator.
The two groups reached the agreement amid the final weeks of SBC’s recruitment period to provide more benefits to interested start-ups.
“This agreement with Eos Venture Partners will allow start-ups within 2017 cohort who meet specific due diligence criteria to gain access to seed investment to propel further their growth,” said Sabine VanderLinden, SBC Insurtech managing director.
VanderLinden said that in the past months, they had talked to more than 2,500 start-ups that were keen on delivering solutions for the insurance sector.
“We have found that InsurTech startups are motivated to collaborate on their first projects with insurers, but also to engage with industry-centric investors,” she said.
“Young ventures often have to engage in discussions with 100s of investors to find the few that will invest in their venture. We want to reduce the time-to-fundraising for our new cohort,” VanderLinden explained.
Explaining the company’s decision to back SBC, Eos managing director Sam Evans noted that accessing capital can be “very challenging and unwieldly” to start-ups at an early age.
“We are looking forward to working with the team and its cohort on the next program, helping to identify, develop and support the next wave of innovation that will transform the insurance sector,” Evans said.
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