Sky News has reported that Bondaval has closed a £15 million funding round from investors led by the seasoned investor Dawn Capital, who was an early backer of iZettle, Quantexa and Tink.
Bondaval will use the new capital to launch a new reinsurance vehicle “Bondaval Re”. This will diversify the start up beyond its current position as a managing general agent.
Bondaval operates in over thirty countries and has offices in London, New York and Dallas. Octopus Ventures, who already invested in Bondaval, also participated in this funding round.
Ewa Rose, Chief Underwriting Officer at Bondaval commented on the raise: “Launching Bondaval Re will provide a scalable solution with which to support the company’s continued growth, as well as to prepare for further planned expansion.”
Rose added “By creating a close alignment of risk between Bondaval and our stakeholders, we demonstrate our long-term investment and commitment to the business, and confidence in the calibre of our underwriting.”
Through the new reinsurance product, Bondaval will partner with both reinsurers and insurers expanding the market for its technology.
Dan Chaplin, a partner a Dawn Capital, said: “Bondaval is combining innovation at the insurance product level with a technology platform that enables greater transparency and granularity in underwriting.”
“This is expanding the addressable market of risk that can be protected, and we believe will play an important role in securing the fast-growing economy of global trade,” he added.
