UK Insurtech Startup battleface Raises $12M in Funding from U.S. Venture Capital Firm

December 11, 2020

UK startup battleface Inc., a company that specializes in tech-enabled global travel insurance, announced a $12-million Series A financing round from Drive Capital, a Columbus, Ohio-based venture capital firm. The investment will be used to fund growth and market expansion and establish battleface’s U.S. headquarters in Columbus’ burgeoning tech hub.

This recent capital raise follows a seed round with investments from Greenlight Re Innovations and Fintech Ventures Fund, which enabled battleface to solidify operations and establish platforms and insurance-carrier relationships, which helped to build the business.

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Sasha Gainullin, battleface’s CEO, explained that this latest Series A funding round shows investor confidence in the company’s technology and global expansion plans in the area of specialty travel insurance products for both retail and wholesale customers.

“When we started battleface, we set out to make travel insurance relevant to our customers, simple to buy and accessible for everyone in the world. Our growth since then has significantly surpassed our initial expectations, and this funding will help us bring travel insurance to millions more as we continue to build our traveler focused global insurance platform,” he said in a statement.

“With this latest investment from Drive Capital, we look forward to accelerating our growth strategy through new product development and expanded market reach,” added Gainullin.

Launched in December 2017, battleface was developed by Tangiers Insurance Services, an insurance intermediary and coverholder at Lloyd’s. In the UK, battleface operates as a Lloyd’s coverholder via Tangiers. In the U.S., the company operates as a managing general agent through its Virginia-based entity, Tangiers Insurance Services LLC.

According to Molly Bonakdarpour, partner of Drive Capital, “With a focus on investing in the world’s next generation of market-defining companies, partnering with battleface and its highly experienced management team was a natural choice. We are confident in battleface’s ability to lead innovation in this category and drive exciting growth.”

Led by a global team of travel insurance experts, battleface combines technology and underwriting to create, distribute and service specialty travel insurance products for audiences in both retail and wholesale.

CEO Gainullin previously developed global operations for AIG Travel Guard and has worked with battleface since its inception. Managing Director Paul Simmonds brings experience as a Lloyd’s of London underwriter with previous leadership roles at Berkley Syndicate, CNA Hardy, Brit, and Goshawk.

Products are backed by highly rated insurers and supported by a network of 24/7 assistance coordinators, medical providers and on-the-ground field agents who provide emergency claims, medical and travel assistance services on a global basis.

About battleface

West Malling, England-based battleface provides travel insurance benefits and services to travelers visiting or working internationally, including in the world’s most challenging and hard-to-reach destination. battleface products are underwritten by underwriters at Lloyd’s, London, Spinnaker Insurance and Crum & Forster SPC.

The company covers emergency medical treatment, evacuation and accidents, adventure activities and travel to isolated places, with 24/7 on-the-ground assistance and claims services.

About Drive Capital

Drive Capital is a Columbus-based venture capital firm that is focused on investing in the next generation of market-defining companies. The firm started in 2013 and raised over $1 billion of funds to invest in startups solving problems in large markets. Drive is an investor in more than 40 companies outside of Silicon Valley, including Root Insurance, Duolingo and Branch.

Source: battleface

Topics Mergers USA InsurTech Tech Funding Startups

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