Insurance sector focused LegalTech, Nuvalaw, has raised $3 million in pre-series A financing, which it will use to expand in the UK and drive its entry into the U.S. market.
Nuvalaw is a claims resolution platform that facilitates the online negotiation and arbitration of P&C insurance claims.
The financing is led by Semantic Capital, a London-domiciled, privately-backed investment holding company with a focus on innovative, proprietary IP, software-driven solutions, via a blend of equity and debt.
Nuvalaw and UK joint venture partner, Trust Arbitration, continues to build its roster of clients, including eight major insurers and seven major law firms.
Using AI technology, the company continues to develop its cloud-based claims resolution platform to address a wider range of legal issues.
Craig King, Chief Executive Officer of Semantic Capital, commented: “We’re delighted to make this investment, and to become part of Nuvalaw’s journey as it continues to revolutionise the claims resolution space with its proven technology and expertise. There is a huge opportunity, both in the UK and US markets, where loss adjustment expenses, including litigation management expenses, run very high.”
Willie Pienaar, Nuvalaw’s Chief Executive, added: “The backing of Semantic Capital is a great vote of confidence in the future of Nuvalaw. It will enable us to build on the successes of the last few years and help take Nuvalaw to the next stage of our business development internationally, including looking at building new products in the UK and how we can support US-based insurers and claims firms to slash their costs and speed up claims resolution.”
