Insurtech Gateway Australia is feeling optimistic after a year of successful incubations and recently announced additional funding and strengthening of capabilities.
Gateway Australia launched in 2019, on a mission to support early-stage insurtech businesses from Australia and New Zealand. In addition, Gateway is importing technology from across the globe, and exporting some of Australia’s leading founders into global markets.
Gateway Australia adopted the group’s strategy of becoming the first independent, authorised incubator in the region. So far they have supported four early-stage founding teams in Australia with access to underwriting capacity, regulatory compliance, pre-seed funding, a tech stack and expert guidance on product market fit, distribution and the design of the insurance product.
“When you’re doing something new, it can be hard to find the right team. When you’re trying to change an industry, it can be hard to find believers. And when you’re trying to launch pay by the kilometre connected car insurance for the first time in the region it can be almost impossible!! From the very start, the Gateway Australia team believed in us. They brought proven solutions to the table and helped us shape our big idea. Without them we would not have been able to bring this product to market. – Andrew Wong, co-founder of KOBA.
Insurtech Gateway Australia CEO Simon O’Dell said, “We are a beacon for early stage founders in Australia, with the capabilities to bring bold new ideas to the insurance market. Our licensed launch platform allows entrepreneurs to stay independent, while having access to valuable local resources. They can also plug into the global Gateway ecosystem, benefiting from access to centralised funding vehicles and permissions to help them scale into new markets.”
The Global Gateway Group represents one of the most prolific insurtech investors over the past 3 years, with a collective portfolio of 25 insurtechs. Insurtech investments globally have increased more than 3-fold in that time.
“The unique Gateway model is recognised by investors as a leading vehicle for accessing insurtech value. Gateway Australia’s latest funding announcement ensures that Australia and New Zealand’s founders will continue to compete with an unfair advantage in the red-hot global insurtech space”, Simon stated.
Insurtech Gateway HQ Co-Founder Stephen Brittain said, “There is a huge funding gap when it comes to early stage startups. Which is why we are so delighted to see Gateway Australia receiving support for its next stage of growth. Their burgeoning portfolio of home grown and imported technology companies is showing great signs of growth in some of the most testing times the industry has seen.”
Gateway Australia plans to incubate 20 new companies over the next 5 years. So if you have an idea for an insurtech business, maybe something that has never been done before, you know who to talk to!
Insurtech Gateway Australia is part of the Insurtech Gateway, which is HeadQuartered in London, UK. As a specialist insurtech incubator and investor, Gateway Australia supports local early-stage tech founders with access to underwriting capacity, regulatory compliance, pre-seed funding and expert guidance on product market fit, distribution and the design of the insurance product. As part of the Global Gateway Group, their portfolio has access to centralised funding vehicles and permissions to help them scale into new markets.
Gateway Australia would like to meet early-stage founders with game-changing ideas or products, and progressive (re)insurers who are interested in collaboration