Aussie insurtech raises $4m to break into the US market
Expense Check, a data-driven Australian insurtech, announces the close of an A$4 million capital raise and its rebrand to Kanopi as it prepares to expand its local presence and launch into the US market.
Australia’s fastest-growing insurers, Hollard Insurance Company, led the raise, along with a consortium of investors. Previous investors include early-stage firm Folklore Ventures (formerly known as Tempus Partners) and a personal investment by Paul Hunyor.
The new round of funding will enable Kanopi to execute on its growth vision, which includes expansion into the US, by bolstering its team as it looks to further build its position in the US$3 trillion global insurance industry.
Founded in 2016, Kanopi is a digital insurance platform for companies across logistics, retail, financial services and property technology. The insurtech connects major insurers and digital platforms so they can tap into Kanopi’s data-driven insights in order to provide the right insurance policies to their customers.
Nigel Fellowes-Freeman, Founder and CEO of Kanopi said, “We remain committed to enabling companies to improve their understanding of their customers so they can serve them with policies that best fit their needs.
“Our new brand identity, combined with this raise, ensures a stronger foundation for us moving forward as we seek to further develop our technology and our partnerships in Australia and across new markets.”
Since its launch, Kanopi has grown its team across Australia and the UK and powered intelligent insurance offerings to partners including QuickBooks Online Australia.
Richard Enthoven, CEO, Hollard Insurance Company said, “At a time when insurance is facing huge challenges, technology is simultaneously blurring the lines between industries.
“We identified this as a unique opportunity to use data to create customer fit products and services.
“We wanted to invest strategically in an insurtech business that had strong core technology and a shared vision to create the right insurance product by using data.”