Cyber underwriting InsurTech startup Envelop Risk has raised $6 million in a Series A funding round led by Alpha Intelligence Capital.
The London-based firm delivers underwriting and risk solutions focused on the global cyber reinsurance market.
The company said it would used the funding to fuel growth of its solutions within and beyond cyber reinsurance and grow its operations internationally.
Envelop Risk chief executive Jonathan Spry said: “We are thrilled to have received the support of AIC, a recognised leader in AI investment, and are pleased to become their first major InsurTech investment.
“The current COVID crisis is posing important questions for the insurance industry and we believe cyber (re)insurance will benefit from demand for risk mitigation, allowing Envelop to become the partner of choice for insurers as growth opportunities and emerging risk business ensue in the new normal."
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