Superscript raises £8.5M to scale its small business insurance offering
London-based commercial insurance intermediary Superscript has announced a new £8.5 million fundraise, led by existing investor, BHL Holdings, alongside investment from the Government’s Future Fund, Seedcamp, Concentric and the London Co-Investment Fund.
The investment will help the company to double its UK workforce over the next 12 months and further invest in its proprietary technology.
The company has seen rapid growth in 2020. Throughout the COVID-19 pandemic, it’s offered payment breaks for customers and allowed businesses to add additional activities to their policy without extra fees. It’s also offered free medical malpractice cover for NHS health workers and insured clinical trials for COVID-19 tests.
“The current pandemic has hit small businesses a lot harder than their larger, established counterparts. The economy is experiencing significant turbulence right now and the business landscape will be unrecognisable in a year’s time. As a small business championing small businesses, this investment will speed up our ability to deliver bespoke insurance to underpin individual business needs. Helping businesses to not only weather this storm, but scale and thrive.” – Co-Founder and CEO at Superscript, Cameron Shearer.
“We’re pleased to be continuing our investment in Superscript’s growth. What first attracted us to invest in the insurtech is what still excites us today. Superscript has truly transformed the insurance experience for small businesses, with an attractive online user journey and bespoke, flexible cover options. It has proven its commitment to supporting its small business customers during the current pandemic and we’re excited to see its next stage of growth.” – Partner at Seedcamp, Tom Wilson.