Insurance plan startup Equipsme bags £2.5m Series A

Equipsme, an SME health insurance plans provider, has bagged £2.5m in its Series A funding round.

The round was led by Livingbridge, which used funds from the Baronsmead Venture Trusts, and was supported by a number of angel investors.

UK-based Equipsme offers businesses with between two and 249 employees a selection of health support plans for their entire workforce. All plan holders receive a home health check and 24/7 access to private GP service. Diagnosis and treatment is provided by health insurer

There are four separate plans employers can choose from with prices ranging from £7 per month up to £37 a month. Some of the benefits included in the plans include prescription delivery, physio sessions, diagnosis cover, tests and scans, hospital treatment, health checks, health support, stress support and dental care, among others.

With this line of funding, the company will look to scale up its distribution, with a focus on the 95 per cent of companies that do not offer private medical insurance, the company said.

Equipsme managing director Matthew Reed said, “The response we’ve received over the past six months has been nothing short of incredible. We’ve far exceeded the number of retail distribution partners originally anticipated, and with brokers constantly knocking on our door to buy cover for their own teams as well as make it available to their clients.”

Livingbridge recently invested into automated online investment advice platform Munnypot. The platform helps consumers to enter the investing market and receive advice and support to reach their financial goals.

Copyright © 2018 FinTech Global

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