London InsurTech firm closes £2.4m funding round
Data analytics and risks management solutions provider, REG, has closed a £2.4 million funding round.
REG aims to simplify the compliance process for insurers and customers, and has attracted clients such as Ageas, PIB Group, Lloyds and GRP.
Existing backer, Disruptive Capital, the private equity investment vehicle of the Truell family, invested in additional equity capital while Shawbrook arranged a debt facility.
“This facility not only provides scope for further growth but is also a validation of what we’ve already achieved,” said REG CEO, Michael Phair.
“Whilst venture debt isn’t readily available on the high street or from our main bankers, fast growth businesses like REG, with high levels of annual reoccurring revenue, need this type of support to scale up and succeed – particularly internationally.”
London-based REG, which currently employs 35 people, will use the capital to invest in its staff, platform development, and systems, to support the company’s growth in the UK and globally.