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InsureTech business KYND secures £3.25 million investment from BGF copy
KYND, a leading provider of pioneering cyber risk management solutions for the insurance industry, has today announced a £3.25 million investment from BGF – the UK and Irelands’ most active growth capital investor.
KYND will use the investment to accelerate its rapid growth and global expansion plans, as well as continuing to develop transformative cyber risk technology to launch new products.
The company 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.
Businesses are under increasing threat from cybercrime, with the ONS reporting significant increase in its prevalence. However, many companies don’t currently have adequate insurance policies in place to mitigate this risk.
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.
KYND will use BGF’s investment to capitalise on the increasing demand for cyber insurance, by advancing its product development and accelerating customer adoption across the globe.
Andy Thomas, chief executive at KYND, said: “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.
“We are excited to partner with BGF, which has a proven track record of facilitating growth in ambitious scaleups and will use the funds to further enhance our product development and customer roll-out in the UK and beyond.”
Rowan Bird, investor at BGF, said: “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.”
Ashfords LLP acted as advisers to BGF on the deal.
KYND is on a mission to make complex cyber risks easy to understand and manage. KYND’s pioneering technology makes assessing, understanding, and managing cyber risks easier and quicker than ever before and is used by insurers, brokers, and their clients. Recognising one size doesn’t fit all, KYND has designed made-to-measure InsureTech products that works for any size business, from any industry, anywhere in the world.
KYND’s unparalleled cyber-risk management tools not only enable accelerated sales of cyber policies, speeds up renewal and helps control client risk but also supports better underwriting decisions by removing complexity, providing instant insight into cyber risk exposure while mitigating insured’s risk exposure with continuous monitoring and alerts.
BGF was set up in 2011 and has invested £3 billion in more than 450 companies, making it the most active growth capital investor in the UK. BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses in the UK and Ireland through its network of 16 offices. In 2018, Canada launched its equivalent – the Canadian Business Growth Fund – and in 2020, Australia did the same, both based on BGF’s approach and funding model.
Part of BGF’s investment in KYND comes from its recently launched UK Enterprise Fund (UKEF) established alongside Coutts, the private banking arm of NatWest, to provide clients with access to privately held, disruptive and diverse companies that are revolutionising their industries.