Pentech and former AXA UK chief executive Andy Homer, who is also Towergate’s former group chief executive, are among Digital Fineprint’s latest backers in $2.7m raise

The insurtech startup, Digital Fineprint has raised $2.7m (£2m) in its second fundraising round.

UK-based software-focused venture capitalist (VC) Pentech led the round, which also saw existing investor participation.

Pentech Ventures partner Marc Moens, who joins Digital Fineprint’s board of directors, commented: “As a fund, we have looked closely at the insurtech space and the traction achieved by the team at DFP [Digital Fineprint] in such a short amount of time is impressive. Their niche focus on helping insurers use social media to find new customers and gain actionable insights has worked well, and we are looking forward to helping DFP grow.”

Investing in social media

New investors in Digital Fineprint include Force Over Mass and various angel investors including former AXA UK chief executive and former Towergate chief executive Andy Homer.

Previous angel investors in Digital Fineprint include a top Twitter executive. It raised $400k (£300k) in an angel round in December 2016.

Digital Fineprint uses social media data for insurance lead generation and automated form filling, alongside further risk analysis and profile building.

In the past, it has acquired clients and partners including Allianz, Hiscox and QBE. Digital Fineprint was part of Accenture’s Fintech Accelerator program.

What next for Digital Fineprint?

The startup, which began at Oxford University, will use the funds raised to build on its London team. It will also look to expand geographically and further develop its “social media-powered” insurance distribution software.

Digital Fineprint chief executive Erik Abrahamsson welcomed the investment. He said: “Partnering with Pentech is an amazing milestone for Digital Fineprint and the whole team is excited about this great opportunity.”

Abrahamsson continued, “It’s fantastic to see the growth in the value we create, both for the insurers using our platform and their end customers, and we are looking forward to continuing to expand the business so that we can partner with further insurers.”