Aurora, a digital commercial insurance platform for micro, small and mediums-sized businesses, has announced that it has secured an additional £2.5 million in funding to accelerate its Algorithmic Trading proposition.
The funding total is made up of seven-digit support from Innovate UK, the UK’s national innovation agency, and an equity raise.
According to Aurora, the funding will be used to take the company’s Algorithmic Trading proposition to a higher level, therefore enabling it to automate ever more complex commercial product lines and develop new co-insurance, as well as a computable contracts solutions to support its SME customers and their brokers.
In addition, Aurora, which launched in late 2022, is live with Global Specialist Health, backed by AXIS, Management Liability with AXA, and plans to also add Cyber, Property and BI, Professional Indemnity, Public Liability and Employers’ Liability across the coming months.
Aurora’s co-founder and chief executive, Jan-Vincent Finn commented: “We’re proud to have Innovate UK as a partner. The criteria and benchmark for support from Innovate UK is incredibly high. Their support is reflection of our team’s effort to provide significant value to insureds and their brokers. This funding will support our continued development of innovative solutions for UK businesses.”
Scott O’Brien, Chief Investment Officer at Innovate UK added: “Supporting innovative companies like Aurora on their journey from concept to commercialisation, scale and growth is central to Innovate UK’s mission and purpose.
“Innovation Loans exist to finance later-stage innovation in businesses with a clear route to commercial success. That’s why we are pleased to be offering an Innovation Loan to Aurora – and still more pleased that they are also taking equity investment into the business as part of a well-considered funding strategy.
“Together, the Innovation Loan and the equity investment will enable Jan and his team both to build out their technology and prepare their business for scale and growth.”
