Insurtech Gateway, the London-based insurtech incubator that recently closed the first tranche of a new AU$53.7 million investment fund, announced the launch of its first international program: Insurtech Gateway Australia.
A specialised incubator for startups innovating within the global insurance sector, Insurtech Gateway offers a hands-on business incubation to a selection of early state insurtech founders. Uniquely, it is also an FCA-authorised insurance entity in its own right and has its own underwriting capabilities.
Insurtech Gateway Australia will be a joint venture between Insurtech Gateway and a consortium of local investors, including Envest and independent angel investors, led by Simon O’Dell, the former CEO of Insurtech Australia.
Working with early stage startups, the Insurtech Gateway Australia incubator will offer fast-track access to local and international markets through a high-touch 12-week program and ongoing support. It will be headquartered in Stone and Chalk Sydney, with offices in Queensland.
Simon O’Dell, CEO, Insurtech Gateway Australia said, “Insurtech is a fast-growing part of Australia’s fintech ecosystem, but bringing new ideas to market can be extremely challenging due to complex regulatory hurdles and access to customers. We are rolling out a proven model to rapidly accelerate the development process for Australian insurtech startups.”
“The Gateway will turbo-charge the success of our best insurance technology-focused entrepreneurs. For example, we can reduce the 12-month authorisation process to provide insurance products in as little as two weeks,” O’Dell said.
“While we have access to two funds in the Gateway Fund and Envest, it is the smart and strategic value behind this capital that will determine success in today’s competitive environment, and we aim to build a business around that ethos.”
Aiming to graduate four to six startups over the next two years, Insurtech Gateway Australia is focussed on supporting insurtech startups that are seeking product-market fit and are valued between AU$500,000 and AU$2 million.
The incubator will provide pre-seed funding, and execute a hands-on, bespoke program for incoming startups, working with various industry partners to offer authorisation and operating support, increase insurance capacity and build connections with potential customers. Beyond the core team, startups will be supported by a global network of mentors.
Insurtech Gateway Australia expects to welcome its first startup in the coming months, with several founders already in discussions about joining the program. Beyond the initial pre-seed investment for participants, graduates of the incubator who require capital will also have access to both the Gateway Fund and Envest. Envest have over 20 traditional insurance businesses in their portfolio with 5 insurtechs, having supported 10 of these businesses as startup.