Tibbington Consulting has taken an equity stake in Hiro Insurance, an innovative insurtech provider of home insurance products, using smart technology.
£1.8m of seed capital was raised in a record 14 minutes from opening, as keen investors sought to secure an investment in Hiro.
Krystian Zajac, Co-founder & CEO at Hiro said;
Hiro is always a step ahead, working with you to actively prevent the damage in the first place. It gives you access to smart technology to protect your property and rewards you for taking care of your home.
Old insurance locks you into lengthy contracts written in baffling legal jargon.
Hiro insurance is on-demand - start and end whenever you like; no cancellation fees, no admin fees, no nonsense. It's tech-first, more like Netflix or Uber than home insurance. It lives in your mobile and speaks your language.
Since starting Hiro in 2020, we've built out our whole technology stack from scratch, in-house - backend, pricing models, APIs, mobile apps. Owning the whole tech stack means we can innovate at lightspeed compared to old insurers.
We've achieved Appointed Representative status, registered with the FCA and secured underwriting capacity from a leading European insurer - meaning we've cleared most of the difficult regulatory and operational hurdles to bring an insurance product to market.
Before even building the product, we signed up close to 5,000 potential customers to our waiting list.
We have partnerships with 30+ leading device manufacturers, which are in varying states of development. In most cases we've already secured discounted products and the right to use their marketing collateral. In a few cases they've even agreed to help us co-market to their audience.
This marks the first Private Limited Company equity investment of 2021 for the consultancy, which has been investing in financial services businesses and new start-up projects for the past several years.
Earlier this month, a previous investment in Senta Ltd resulted in a successful exit ,whereby early investors secured a 120x return on investment.
If you have a start-up venture in the financial services sector, or are an existing business in need of a capital injection or some expert guidance and help, then please feel free to contact us to discuss options.