In a $73 million funding round, Andreessen Horowitz supports a British insurance startup.
Marc Andreessen Net Worth : British Insurance $45 Billion
January 11, 2019 (Reuters) – Hype exponentials, a London-based insurance startup, announced on Thursday that it has raised $73 million in funding from American venture capital firm Andreessen Horowitz.
Hype exponential, a 2017 startup, offers insurance companies software for mathematical modeling so they can set policy prices based on a variety of data. Batteries Ventures led the funding round.
The firm’s funding announcement comes during a slump in investment in Europe’s technology sector, which is expected to have plunged to $45 billion in 2023 from $82 billion in 2022, according to research from venture capital firm Atomic.
“There is still demand for companies that are profitable, self-sufficient, and are growing. We are in the fortunate position of belonging to that group. Amrit Santhirasenan, the CEO and cofounder of Hype exponential, stated
Laura Arriaga-Andreessen
In an internal memo released last week, U.S. investment firm Coatue stated that it intended to streamline operations and that it would close its London office two years after it opened.
Concerning Hype exponential’s triumph amidst a decline in investor confidence in Europe, Santhirasenan responded as follows: “Previously, businesses relied on outside funding, expanded swiftly, secured additional funding, and observed the outcomes.” It seems like a very long time ago.”
“Companies will pay a lot of money if you can solve their problems — make them more efficient and improve their top lines’ With the money raised, the company intends to expand in the US, opening an office in New York later this year, and double its workforce to about 200 people.
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