UK-based Stubben Edge provides embedded products and technology for insurance distributors that want to start, run or grow their business
Stubben Edge Group has secured a further £5.6m investment in an oversubscribed round, giving it a pre-money valuation of £175m.
The group plans to use the funding to expand its business, diversify its services and capture a greater share of the insurance value chain.
The round was led by Dowgate Capital, which led the previous round in September, when Stubben Edge also raised £5.6m.
The group has raised more than £20m to date. Cornerstone investors include several Lloyd’s names, such as Nigel Wray, as well as family offices and institutional investors.
The UK-based company provides embedded products and technology for insurance distributors that want to start, run or grow their business.
It achieved a top-line revenue growth of more than 400% in 2022 and is forecasting similar growth this year.
As part of its growth, the group has acquired insurance market specialists Helodrium, managing general underwriter Cedar Underwriting, and broker distribution platform Insurercore.
On the latest round, Chris Kenning, chief executive officer of Stubben Edge, said: “In 2023 our ambition continues to be to support the entrepreneurs and owners of brokers and IFAs.
“Helping them build their businesses by providing the technology, data and products that will enable them to service their SME clients more efficiently, cost-effectively, wherever, and whenever their clients want to engage.”
David Poutney, chief executive of Dowgate Capital, commented: “We believe that Lloyd’s and the insurance industry generally are ripe for disruption and reform and that Chris Kenning and the team at Stubben Edge are well-positioned with their strategy and products to take full advantage of the opportunity in 2023.”
Image: Stubben Edge