KYND, the London-based supplier of cyber threat administration options for the insurance coverage {industry}, introduced a £3.25 million ($4.4 million) funding from BGF, a progress capital investor.
The insurtech will use the funding to speed up its progress and international enlargement plans, in addition to additional growth of transformative cyber threat expertise to launch new merchandise.
The corporate stated it has achieved a 1000% progress on annual recurring income since June 2020 and developed partnerships with high-profile insurers and brokers, comparable to Beazley, Howden, Paragon and Alliant.
Based in 2018 by Andy Thomas and Melanie Hayes, KYND has developed a cyber threat expertise platform that gathers and processes knowledge to evaluate cyber threat for firms. “Info is assessed, and introduced in ‘plain English,’ offering on the spot perception of cyber threat publicity,” stated KYND in a press release.
KYND will use BGF’s funding to capitalize on the rising demand for cyber insurance coverage, by advancing its product growth and accelerating buyer adoption throughout the globe.
“At KYND, we’re on a mission to offer the more and more very important cyber threat administration instruments to radically simplify and enhance the cyber insurance coverage course of. Our industry-first API-based platform, which offers significant threat insights, is making the cyber-insurance market extra environment friendly and well-equipped to cope with the deluge of assaults dealing with small and mid-market firms,” commented Andy Thomas, chief govt at KYND.
“We regard KYND as a best-in-class enterprise that has carved out a formidable area of interest within the burgeoning cyber-insurance market. With a differentiated providing, high-quality administration workforce, compelling distribution mannequin, and pioneering expertise platform, KYND is ideally positioned for fast progress,” stated Rowan Hen, investor at BGF, which was launched in 2011. To this point, London-headquartered BGF has invested £3 billion in additional than 460 firms within the UK and Eire.
Ashfords LLP acted as advisers to BGF on the deal.
Supply: KYND
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