Parametric pioneers Skyline Partners (Skyline) today announces it has gained an additional US$1.75mil in funding from West Hill Capital (West Hill), a specialist corporate finance and VC firm, bring the total raised to US$3.5mil from the firm and others, including OneAdvent.
The new funding round, which was heavily oversubscribed, will support InsurTech Skyline’s continued expansion, following increasing traction in the market with leading brokers looking for innovative parametric solutions, and capacity providers looking to support new index-linked parametric solutions, such as their recent ground-breaking parametric deal with Howden and Munich Re.
Edward Williams, Managing Director of West Hill, said: “We are very pleased to have assisted Skyline in raising further development capital. The fundraising enjoyed a high level of support from investors, who are excited by the potential of the company’s proprietary parametric technology, and management’s ability to create a high growth and profitable business in the years ahead.”
West Hill’s investors recently completed an EIS equity capital raising in the business to further fund and support Skyline’s development, as demand for innovative parametric solutions designed to insure the previously uninsurable, or hard to place risks, gains traction in the market.
Laurent Sabatié, co-founder of Skyline Partners, said: “We are delighted to finalise this second investment raise with West Hill, which will support the continued development and expansion of our business, so that we can quickly build on our successes in the market so far, as we expand our offering, worldwide.”
Fellow co-founder, Gethin Jones, added: “We are thrilled that West Hill’s investors continue to share our vision to build global, innovative parametric insurance solutions targeting gaps in the traditional insurance market, powered by technology and data. These funds will enable us to invest in attracting top talent, building our resources, and developing our technology platform (INSDEX) and new products.”
Parametric specialist Skyline has already developed and launched several parametric products for clients with a wide variety of applications, including Natural Disasters for Financial Institutions, Cost of Violence for SMEs, and Climate Risks for Agriculture, such as the recent innovative deal developed for Howden, with Munich Re’s capacity, to protect Jamaican farmers.