(Image source: KYND homepage.)
KYND, an InsurTech providing cyber risk management solutions for the insurance industry, has announced a £3.25 million investment from BGF, one of the most active growth capital investors in the British Isles.
KYND says it will use the investment to accelerate its rapid growth and global expansion plans, as well as continuing to develop transformative cyber risk technology to launch new products.
The company reports that it has achieved 1000 percent growth on annual recurring revenue since June 2020 and has developed partnerships with high-profile insurers and brokers, such as Beazley, Howden, Paragon and Alliant.
Referring to the company’s response to market needs, a KYND statement notes that businesses are under increasing threat from cybercrime, with the ONS reporting significant increase in its prevalence. However, the statement asserts, many companies don’t currently have adequate insurance policies in place to mitigate this risk.
Founded in 2018 by Andy Thomas and Melanie Hayes, KYND says it has developed a cyber risk technology platform that gathers and processes data to assess cyber risk for companies. Information is assessed, and presented in “plain English,” providing instant insight of cyber risk exposure.
KYND says will use BGF’s investment to capitalize on the increasing demand for cyber insurance, by advancing its product development and accelerating customer adoption across the globe.
“At KYND, we are on a mission to provide the increasingly-vital cyber risk management tools to radically simplify and improve the cyber insurance process,” comments Andy Thomas, chief executive, KYND. “Our industry-first API-based platform, which provides meaningful risk insights, is making the cyber-insurance market more efficient and well-equipped to deal with the deluge of attacks facing small and mid-market companies.”
Enhancing Products Development and Customer Rollout
“We are excited to partner with BGF, which has a proven track record of facilitating growth in ambitious scaleups and will use the funds to further enhance our product development and customer roll-out in the U.K. and beyond,” Thomas adds.
“We regard KYND as a best-in-class business that has carved out an impressive niche in the burgeoning cyber-insurance market,” comment Rowan Bird, investor, BGF. “With a differentiated offering, high-quality management team, compelling distribution model, and pioneering technology platform, KYND is ideally placed for rapid growth.”
Ashfords LLP (Exeter, Devon) acted as advisers to BGF on the deal.