Insurtech BondAval raises US$7mn in first funding round
BondAval, an insurtech that offers customers payment security, has today announced that it has raised US$7mn in its first seed funding round since it was founded. The round was led by investment firm Octopus Ventures.
Existing investors Gateway and TrueSight Ventures, as well as several high profile entrepreneurs including Tom Blomfield from Monzo and GoCardless, Charlie Delingpole from ComplyAdvantage, and Matt Clifford from Entrepreneur First. The company also received co-investment from U.S-based fund Expa.
The company says it plans to use the funds primarily for growth, hiring out larger teams in the UK, the US, and new markets as it expands, as well as continuing the build-out and scale of its proprietary platform, MicroBonds, and provisioning services.
BondAval’s MicroBonds payment security platform
As an alternative to existing solutions, BondAval’s next-generation payment security – MicroBonds – are backed by a panel of A-rated insurers. By guaranteeing payments and supply contracts with investment-grade certainty, these revolutionary MicroBonds empower businesses of any size to realise their full potential, BondAval said in a statement.
Sam Damoussi, COO and Co-Founder of BondAval added: “BondAval is bringing a completely novel outlook to a space that has been crying out for innovation. MicroBonds are a revolutionary security instrument with clear benefits for both suppliers and merchants. They are also highly flexible. We are constantly validating new and innovative use cases, and this fundraise will provide us with the capacity to further roll out our product offering.”
Tom Powell, CEO and Co-Founder of BondAval, commented on the funding round. He said: This funding round is yet another great point of validation for BondAval. The interest and support of all our investors – funds and angels alike – is rewarding in the fact that they all see the opportunity ahead of us. The capital raised will help us to continue hiring the best talent available. I’m proud of what this team has accomplished already and excited for the future.
“We envision a world where the size of a business is no longer an inhibitor to it achieving its ultimate goals. We’re building the infrastructure to give businesses of any shape and size access to the most efficient forms of capital in real-time,” He concluded.
