Digital insurance platform Aurora gets US$3.1m funding boost
Digital commercial insurance platform for micro-businesses and SMEs, Aurora, has secured an additional £2.5m (US$3.1m) in funding to accelerate its Algorithmic Trading proposition.
Lead investment in this additional support comes from Innovate UK, the national innovation agency in Great Britain. Furthermore, Aurora has received an equity raise to further boost its total funding amount.
The insurtech’s latest funding will be used to take its Algorithmic Trading proposition to new heights, says Aurora.
The company hopes to boost its proposition to automate ever more complex commercial product lines and develop new co-insurance and computable contract solutions to further support its SME customers and their brokers.
Aurora: Startup funding
Aurora was only launched in late 2022, making it less than a year old at the time of writing.
During that time, the insurtech has already gone live with its Global Specialist Health solution, in use at the global insurer and reinsurer Axis. Its Management Liability solution is also in use at AXA.
Growing its Algorithmic Trading proposition, Aurora is looking to add solutions for cyber, property, business interruption, professional indemnity, public liability and employers’ liability insurance – massively expanding its reach and existing portfolio of products.
Aurora hopes to launch these new solutions in the coming months.
Co-founder and CEO of Aurora, Jan-Vincent Finn, says: “We’re proud to have Innovate UK as a partner. The criteria and benchmark for support from Innovate UK is incredibly high.
“Its support is a reflection of our team’s effort to provide significant value to insureds and their brokers. This funding will support our continued development of innovative solutions for UK businesses.”
Innovate UK Chief Investment Officer Scott O’Brien adds: “Supporting innovative companies like Aurora on their journey from concept to commercialisation, scale, and growth is central to Innovate UK's mission and purpose.
“Innovation Loans exist to finance later-stage innovation in businesses with a clear route to commercial success. That's why we are pleased to be offering an Innovation Loan to Aurora - and still more pleased that they are also taking equity investment into the business as part of a well-considered funding strategy.
“Together, the Innovation Loan and the equity investment will enable Jan and his team both to build out their technology and prepare their business for scale and growth.”
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