London insurtech platform raises £1.5m in seed funding to scale up

A London-based goods-in-transit and cargo insurance platform has secured a £1.5m investment from angel investors led by Octopus Ventures.

Anansi Technology’s integrated platform provides insurance from sales to claims handling, enabling customers to get coverage and receive claims directly into their bank accounts via open banking.

The £1.5m seed funding will be used to help to deliver new partnerships across the goods-in-transit value chain with freight forwarding companies, e-commerce platforms and retailers and third party logistics firms in the UK and Europe.

Megan Bingham-Walker, co-founder and CEO of Anansi said: “We’re building a cutting edge platform to embed goods in transit insurance across the logistics value chain.

“Our goal is to automate the insurance experience and extend our support beyond Shopify and integrate with multiple e-commerce platforms, insurance partners, third party logistics APIs and in the future, many other services.

“This funding round will enable us to build more sophisticated infrastructure as we scale and add new features and automations, such as damage, international shipments and fraud detection.”

Nick Sando, fintech investor at Octopus Ventures said: “The insurance market has seen lots of innovation over the last five years but there are still large untapped markets.

“Embedded insurance, where all covers and protections are bundled into one service is set to transform the way people and businesses purchase insurance.”

Nick continued: “By offering insurance in an affordable, relevant and personalised manner, [co-founders] Megan and Ana are transforming the landscape for goods-in-transit protection.”