InsurTech helping consumers find lost property Found moves in on crowdfund goal

Found, an InsurTech platform which protects valuables and helps consumers find lost property, has raised £235,736 in its Seedrs crowdfunding campaign.

The company has raised £235,736 in its Seedrs crowdfunding campaign so far, zeroing in on its £250,000 target. It is unclear whether Found will continue to raise funds beyond the £250,000 goal.

UK-headquartered Found is raising the money at a pre-money valuation of £3.5m and is offering a total of 6.66% of its equity.

There have been 65 individual investors to the crowdfund, at the time of writing.

The InsurTech was created to help people in the UK be reunited with their lost property. It claims that 50 million items are lost each year and only a small number of these find their way home.

Found is made up of two separate apps, one for the public and another for businesses. A member of the public simply uses the app to report their lost items, while businesses use the app to show items they have found. The Found AI will automatically match the lost and found events to connect the loser and finder in real-time.

Users can register their valuables on the Found platform for free. They simply take a picture of each item and they will be added to the user profile. Through this, if an item is lost, they can quickly be identified as the owner and it helps accelerate insurance claims procedures.

Copyright © 2019 FinTech Global

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