Wrisk announces Series A round
Wrisk , a London-based startup founded in 2016, closed a £4.6 million Series A round led by QBN Capital with participation from Guinness Asset Management and Cell Rising Capital, bringing its total funding to date to $18 million.
Today, Wrisk is a team of ~30 operating a B2B2C model with a focus on car insurance, after dropping its direct-to-consumer proposition last year. The news follows the company’s launch of a pay-per-mile car insurance product on behalf of RAC.
“Wrisk has come a long way on our journey from creating a contents insurance app to becoming a strategic partner to large automotive brands by building and operating mobile-first insurance experiences that their customers engage with. We’re constantly looking ahead to what the future of buying, working and traveling behaviors looks like, to ensure that insurance delivers on the evolving protection needs of customers. We create products that have the customer at the core and are adapting to their lives, and I think investors have clearly recognized that, as well as our ability to quickly adapt to difficult market dynamics. I am extremely proud of the work put in by the team over the past year to get us to this fundraise, which I hope is the start of an exciting scaling path for our product offering. We are restless to scale our vision but with better trust in insurance as our endgame, we are equally determined that none of this comes at the expense of a considered and thoughtful approach.” – Nimeshh Patel, Wrisk CEO.
“We are excited to invest and work with the Wrisk team supporting them to refine and perfect their offering, always staying ahead of customers’ tastes and the industry’s own evolution. They have shown an incredible amount of grit during this tough period and have come out the other end, making us all the prouder to lead this round. The insurtech market is a highly competitive one, with headline grabbing fundraises being announced every week – but we believe Wrisk has the right team, values, technology and approach to change the industry from the inside and build one of the most sustainable offers out there.” – Philea Chim, Senior Vice President at QBN Capital.
“We couldn’t be more pleased to invest in Wrisk. We believe Wrisk’s unique approach to deliver personalized insurance at the point of sale will bring huge benefits to the world’s largest brands and their customers. Wrisk already has an amazing track record and a prestigious client list in the automotive sector, and we think there is huge potential for them to develop that offering further. We look forward to working alongside our co-investors and management to help Wrisk realize the next phase of their growth and are very happy to be part of the journey.” – Malcolm King, Fund Manager at Guinness Asset Management.