Breeze, the UK-based auto insurer and smartwatch-focused technology provider raised £ 200,000 in a round of funding from friends and family. The investment allows the company to build core functionality of its telematics platform before public launch later this year.
Breez’s approach to fundraising was unique, having avoided the typical venture capital or angel investor path. Using a 20-minute YouTube presentation video sent via Whatsapp, Breez attracted over 50 investors, all in direct relationships with the founding team.
Asked about her choice to approach family and friends, Breez founder and CEO Dino Bertolis noted: “We wanted to create a community around Breez where people close to the company could support her from the start and share her success. Our funding round raised money quickly and we incurred minimal associated costs, which meant we could focus our time, effort and resources on building a brilliant business. “
Termination of telematic car insurance
Breez is leveraging the popularity and growth of connected devices and wearables by building the world’s first smartwatch telematics platform. It uses a combination of data from mobile phones and smartwatches to quantify auto insurance risk.
The Breez telematics platform enables auto insurers to use smartwatches as a way to acquire customers, measure risk, influence risk, and provide additional services such as accident detection and predictive analytics.
Bertolis adds: “Telematics has failed to deliver the promised innovation in the auto insurance market. The products offer little value to customers and the technology used is expensive, undesirable and / or has deficiencies in data quality. Using a smartwatch as a telematic device is a transformation for the sector. “
Leveraging its smartwatch telematics technology, Breez plans to launch a direct-to-consumer auto insurance product in the UK later this year.
Bertolis adds that “global auto insurers need to realize that telematics is a capability. It’s about getting the right technology and product. Many insurers fail on one or both of these points. We want to lead the way by providing unrivaled value for UK car owners through our product and our smartwatch telematics technology. ”
Breez Technology Secures Pre-Seed Investment of £ 200k – UK Technology Investment News
Source link Breez Technology Secures Pre-Seed Investment of £ 200k – UK Technology Investment News