UK-based InsurTech Stubben Edge Group (the Company) has secured a further £5.6m in investment following an over-subscribed £10 million round in September last year. Cornerstone investors include a number of Lloyd’s Names, Nigel Wray, Dowgate Wealth, family offices, institutional investors and other HNW investors.
Since the last round, the Company has delivered on its ambitious growth strategy including the acquisition of Lloyd’s broker Genesis Special Risks, the establishment of Guernsey entity 1Edge and, in August, the purchase of SME focused media titles from Bonhill PLC.
Further announcements are planned, including additional M&A activity, as the Company continues to target the funds to continue providing the best selection of services to brokers and IFAs who want to start, run, and grow their businesses.
Chris Kenning, CEO of Stubben Edge, says: “In the context of declining confidence in the FinTech market and the wider economic climate, this is a huge deal and testament to the strength of the business. Our ambition continues to be to support the entrepreneurs and owners of brokers and IFAs. Helping them build their businesses by providing the technology, data and products that will enable them to service their SME clients more efficiently, cost-effectively, wherever, and whenever their clients want to engage.
“Our ambition is to change the Financial Services industry, which is currently antiquated, arbitrary and unbalanced, empowering brokers and IFAs to provide better value-for-money, security and confidence for customers and their families, while building long-term business success.”
David Poutney, Chief Executive of Dowgate Capital, commented: “We were delighted to extend this opportunity to some of our institutional, family offices and other HNW investors, many of whom are experts in financial services, Lloyd’s and the insurance industry generally. It is a testament to the strength of the business that we were able to raise additional funds at a higher valuation, especially in the current difficult economic climate.
“We believe that Lloyd’s and the insurance industry generally are ripe for disruption and reform and that Chris Kenning and the team at Stubben Edge are well-positioned with their strategy and products to take full advantage of the opportunity. We’re excited to see them execute on their ambitious plans and look forward to continuing to work with them on their journey.”