In a statement released by Paul Smith, the Chief Operating Officer and co-founder of Digisure, the company revealed its inability to secure new capital despite a burgeoning revenue base. Smith expressed pride in the team’s achievements, highlighting milestones such as processing $50 million in premiums and handling 15,000 claims.
Throughout its operational tenure, Digisure garnered over US$20 million in funding from a diverse array of investors, including Xplorer Capital, Morado Ventures, Valor Equity Partners, Clocktower Technology Ventures, and Tech Pioneers Fund.
Digisure specialised in risk screening, policy administration, insurance management, and claims handling services. Its key innovation revolved around the development of risk and trust scores tailored specifically for the sharing economy, a niche market fraught with distinctive challenges in terms of commercial viability. Notable clients included RVshare, Envoy Technologies, GIG Car Share, and Autonomy.
The closure of Digisure marks the end of an era for the Insurtech sector, underscoring the challenges and uncertainties inherent in the startup landscape despite significant investments and technological advancements.
