Insurance group BHL Holdings led an £8.5m ($11m) funding round for UK-based online insurance portal Superscript yesterday that included hydraulic and engine pump supplier Concentric.
The round also featured the UK government’s Future Fund, local government-backed vehicle London Co-Investment Fund and accelerator and VC firm Seedcamp.
Founded in 2015 as Digital Risks, Superscript offers business insurance through a mobile app it claims can take decisions on applications within 10 minutes.
The funding will go to recruitment as Superscript looks to double headcount over the next year, helping it serve businesses looking for protection during the coronavirus pandemic.
The company closed a $10.4m series A round in February this year that was also led by BHL Holdings and which included Concentric, insurance brokerage and underwriting group Beazley, Nire Capital and Seedcamp.
Concentric had led a $3m round for Superscript in mid-2018 with participation from Beazley, London Co-Investment Fund, Seed Capital and Atami Capital, adding to an undisclosed amount from family office Earlymarket the previous year.