Bluezone, an InsurTech reinventing life insurance for people with chronic illnesses, has raised £1.5m in seed funding.
The round was led by Insurtech Gateway and AV8 Ventures. Oxford Capital, Portfolio Ventures and impactful angel investors including former CEO of AXA, chief transformation Officer Aegon Group, former chairman of NHS England and a leading FinTech angel also participated in the round.
Bluezone is set to launch its first Type 2 diabetes life insurance product. The company said it is going to improve the health of millions of lives, by understanding adverse health event risks and delivering proactive healthcare.
The InsurTech said the prevalence of chronic health conditions is skyrocketing with 1 in 2 people suffering from a condition globally. Traditional underwriting processes are outdated, manual and cumbersome making it difficult for individuals with these chronic conditions to access affordable insurance, Bluezone added.
Dr Karan Mehta, co-founder and CEO, Bluezone Insurance, said, “Insurtech Gateway and AV8 Ventures are the ideal partners for Bluezone Insurance; their deep industry expertise, insurance network and track record of de-risking early-stage InsurTech businesses from regulatory approvals and insurance capacity clearly differentiates them from other seed stage funds.
“Collaborating with them will accelerate our process of launching a product into the market and achieving the milestones required for the next investment round. During our fundraising journey, they provided us with ample support, progressed quickly and made introductions to impactful angels and excellent co-investors.â€
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