Wrisk, an embedded insurtech provider for the automotive industry, has successfully closed a £12m Series B funding round.
Working with brands such as BMW, Volvo, Mercedes-Benz and Jaguar Land Rover, Wrisk embeds its digital insurance platform into its customers’ services.
The firm has also built a propriety platform that tracks data directly from vehicles to generate personalised insurance products based on what it describes as “intelligent scoring”.
“We have been at the forefront of shaping digital automotive insurance solutions. Our approach to innovation, with a focus on exceptional user experience, has attracted and retained globally recognisable partners, demonstrating the value in our propositions,” said Wrisk chief executive Nimeshh Patel (pictured alongside founder Niall Barton).
“This funding represents an endorsement of Wrisk’s vision, as we aim to accelerate UK and European growth, enhance our data and intelligence capabilities, and scale our partner programmes, transforming how insurers and automotive brands connect with their customers.”
Wrisk said it will use the new funds to support its expansion across Europe. The London-based company also has a presence in Munich, which it sees as a key growth destination.
The round was co-led by Mundi Ventures and Opera Tech Ventures, the VC arm of French bank BNP Paribas.
“Our investment in Wrisk reflects our belief in their holistic approach to embedded insurance,” said Mundi Ventures partner Rafaela Andrade.
“The business has demonstrated a clear understanding of the evolving needs of automotive manufacturers, delivering effective insurance solutions that have brought market-leading scale.”
Marinus Oosterbeek, a partner at Opera Tech Ventures, added: “Wrisk’s experience in digital insurance and their established partnerships resonated strongly with our investment philosophy.
“They have built a robust technology stack designed to facilitate seamless, data-driven insurance experiences.”
Existing investors QBN and Volution also participated in the round.
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