London-based insurtech startup CatX has successfully secured a substantial $2.7 million (£2.15 million) in a seed funding round, marking a pivotal moment in its mission to reshape the reinsurance industry.
Founded earlier this year by University of Oxford graduates Benedict Altier and Lucas Schneider, CatX has emerged as a catalyst for change, positioning itself as the essential link between insurers and capital providers.
The genesis of CatX lies in its innovative marketplace, a dynamic platform that has garnered attention from over 15 institutional investors, including prestigious North American pension funds and hedge funds.
At the core of its offering are sophisticated tools, including advanced risk models and portfolio exposure management, providing investors with the means to navigate the intricate landscape of insurance risk with newfound clarity.
This success comes on the heels of CatX’s acceptance into the revered Y Combinator in June, a milestone that aligns the insurtech with the likes of prominent UK tech firms Monzo and GoCardless.
The seed funding, a testament to CatX’s potential, was secured from a consortium of Silicon Valley venture capital firms and angel investors, with HackLegacy standing out among the notable backers.
Benedict Altier, the visionary CEO of CatX, shared the company’s ambitious mission, stating, “Our goal is to help make the insurance industry more robust and adaptable in the face of increasing global challenges.”
Altier underscored the urgency of securing adequate capital in an era marked by the rising frequency and intensity of catastrophes, positioning CatX as a critical player in addressing this need.
Altier further emphasized CatX’s role in closing the protection gap, offering a transformative solution that unlocks a promising new asset class for investors. Set apart from traditional investments like stocks and bonds, this asset class provides a unique avenue for investors seeking diversification in response to evolving market challenges.
As CatX gains momentum, it positions itself not merely as a financial entity but as a transformative force, poised to reshape the contours of the insurance landscape.
