SME health support plans provider Equipsme today announces that it has secured £2M additional development capital as part of an overall £2.5M Series A funding round.
This round has been led by Livingbridge, a leading investor in high growth business, using funds from the Baronsmead Venture Trusts, and includes a number of angel investors.
Equipsme allows businesses with two to 249 employees to provide health support plans to the whole of their workforce. Every plan holder receives a home health check and has 24/7 access to a private GP service. Diagnosis and treatment are provided by leading private health insurance provider AXA PPP.
Unlike traditional private health insurance, Equipsme is designed to give its customers something of tangible value from the beginning whilst providing a cost effective and tailored benefits package for businesses who want to support their staff.
Equipsme will use the investment funds to scale up its distribution, focused on the 95% of companies which don’t offer private medical insurance.
Andrew Garside, Livingbridge, said: “Matthew and his team have a clear vision to help smaller and mid-sized UK businesses protect their teams – and they have the proposition and the expertise to achieve that vision. It’s a great idea supported by a well-thought out product and the scalability to fill the huge gap that exists in the market. We are delighted to support them on their journey.”
Matthew Reed, Managing Director at Equipsme, said: “The response we’ve received over the past six months has been nothing short of incredible. We’ve far exceeded the number of retail distribution partners originally anticipated, and with brokers constantly knocking on our door to buy cover for their own teams as well as make it available to their clients”
“This injection of capital is a demonstration of confidence from our investors, not only in the strength of our product but in the potential it has to help protect the health of UK businesses. It gives us the impetus we need to accelerate our growth plans, both through our existing distribution partners and alternative channels.”