KYND, the London-based provider of cyber risk management solutions for the insurance industry, announced a £3.25 million ($4.4 million) investment from BGF, a growth capital investor.
The insurtech will use the investment to accelerate its growth and global expansion plans, as well as further development of transformative cyber risk technology to launch new products.
The company said it has achieved a 1000% growth on annual recurring revenue since June 2020 and developed partnerships with high-profile insurers and brokers, such as Beazley, Howden, Paragon and Alliant.
Founded in 2018 by Andy Thomas and Melanie Hayes, KYND has developed a cyber risk technology platform that gathers and processes data to assess cyber risk for companies. “Information is assessed, and presented in ‘plain English,’ providing instant insight of cyber risk exposure,” said KYND in a statement.
KYND will use BGF’s investment to capitalize on the increasing demand for cyber insurance, by advancing its product development and accelerating customer adoption across the globe.
“At KYND, we are on a mission to provide the increasingly vital cyber risk management tools to radically simplify and improve the cyber insurance process. Our industry-first API-based platform, which provides meaningful risk insights, is making the cyber-insurance market more efficient and well-equipped to deal with the deluge of attacks facing small and mid-market companies,” commented Andy Thomas, chief executive at KYND.
“We regard KYND as a best-in-class business that has carved out an impressive niche in the burgeoning cyber-insurance market. With a differentiated offering, high-quality management team, compelling distribution model, and pioneering technology platform, KYND is ideally placed for rapid growth,” said Rowan Bird, investor at BGF, which was launched in 2011. To date, London-headquartered BGF has invested £3 billion in more than 460 companies in the UK and Ireland.
Ashfords LLP acted as advisers to BGF on the deal.
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