Title: Andreessen Horowitz Backs British Insurance Startup in $73M Funding Round
TLDR:
- U.S. venture capital firm Andreessen Horowitz has invested $73 million in London-based insurance start-up Hyperexponential.
- Hyperexponential provides insurance companies with mathematical modeling software.
- This funding announcement comes amid a slump in investment in Europe’s technology sector.
- Hyperexponential will use the funds to double its headcount and expand into the U.S.
U.S. venture capital firm Andreessen Horowitz has invested $73 million in London-based insurance start-up Hyperexponential, according to the insurance software company. Hyperexponential, founded in 2017, provides insurance companies with mathematical modeling software, allowing them to price policies based on a wide range of data. The company’s clients include insurance companies Aviva and Ageis London.
This funding announcement comes during a slump in investment in Europe’s technology sector. Research from venture capital firm Atomico shows that investment in Europe’s tech sector dropped from $85 billion to $45 billion in 2023. However, Hyperexponential’s CEO, Amrit Santhirasenan, believes that there is still appetite for “businesses that are doing very well, that are self-sustaining, and are growing” despite the downturn in investor sentiment in Europe.
Hyperexponential plans to use the funds to double its current headcount to around 200 employees. The company also aims to drive expansion in the U.S., where it plans to open a New York office later this year. The funding round led by Andreessen Horowitz will help accelerate Hyperexponential’s growth and establish it as a key player in the insurance technology industry.
