DynaRisk today announced an extension of their seed funding round, bringing total funding to over $3m.
This round of funding was led by Nexus Investments with participation from existing investors Insurance Capital Partners and Jonathan Marland.
The company was originally backed by London-based Cylon Lab.
DynaRisk traverses two of the four areas of Nexus’s investment focus and expertise: Data and Digital, says Matthew O’Kane, Managing Director of Nexus Investments: “We are very excited to both announce the 12th new member of our Nexus Scale-Up Fund portfolio, and to partner with Dynarisk on its next stage of growth, in particular as it scales into the very promising US Insurtech market.”
“We are thrilled to welcome Nexus as partners in helping us grow our business in the exciting InsureTech vertical,” says Andrew Martin, Founder & CEO of DynaRisk.
“The need for risk management tools for cyber insurance providers is accelerating due to explosive market growth for this type of policy. Elevated hacker activity including ransomware is unfortunately driving a surge in claims which our technology can help to mitigate. Incumbent insurers and brokers need support to stay on top of this fast moving market or risk having their businesses disrupted by newer Cyber MGAs.”
This new round of funding will be used for working capital and to start facilitating DynaRisk’s entry into the North American. With the conclusion of this funding round, Andrew Martin has relocated from London to Toronto in order to lead the company’s expansion in this new market as it looks towards a Series A in 2021.