1:28 PM 13th January 2022
CPP Insurtech Investment KYND Secures Funding From BGF
CPP Group, a provider of assistance and insurance products which reduce disruptions to everyday life for millions of customers across the world has commented on its investment in KYND, a provider of pioneering cyber risk management solutions to the insurance industry.
KYND has secured £3.25m of investment from Business Growth Capital (also known as the British Growth Fund / BGF) a UK and Ireland-based growth capital investment company that provides funding as a minority, non-controlling equity partner.
Founded in 2018, KYND has developed an industry-first API-based technology platform that gathers and processes data to assess cyber risk for small and mid-market companies, insurers, brokers, and their clients, providing instant and meaningful insights into exposure. KYND has achieved 1000% growth on annual recurring revenue since June 2020 and developed partnerships with high-profile insurers and brokers, such as Beazley, Howden, Paragon and Alliant.
BGF’s investment will be used to accelerate KYND’s growth and global expansion plans while supporting the development and launch of cutting-edge cyber risk technology products.
CPP Group acquired a stake in KYND in March 2018 as part of its strategy of investing in innovative people, businesses and products that are relevant to its distribution partners internationally. The investment by BGF will lead to a significant uplift in the carrying value of the investment in CPP Group’s accounts, which was £450k as at 31 December 2020. As a result of the dilutive impact of BGF’s investment on CPP Group’s shareholding in KYND, it will no longer be accounted for as a joint venture by the Company.
Jason Walsh, CEO of CPP Group, commented:
“KYND’s goal of simplifying and improving cyber insurance is highly complementary of our own objective of reducing disruptions for consumers across the world through the use of easy-to-use solutions, making it a great fit for the Group.
“We’re proud to be associated with such a promising UK tech business as it continues to develop innovative products that capitalise on the increasing demand for cyber insurance worldwide, adding value to CPP’s offering alongside those of some of the biggest names in the industry.
“To secure this quantum of investment from one of the most highly regarded funds in the UK is a great endorsement of the incredible work Andy and his team are doing, and I wish them continued success as they move into their next phase of growth.”