Data analytics and risks management solutions provider, REG, has closed a £2.4 million funding round, reports Jane Connolly.
Existing backer, Disruptive Capital, the private equity investment vehicle of the Truell family, invested in additional equity capital, while Shawbrook arranged a debt facility.
REG has attracted clients such as Ageas, PIB Group, Lloyds and GRP, in a bid to simplify compliance and management processes between insurers, brokers and customers.
“This facility not only provides scope for further growth but is also a validation of what we’ve already achieved,” says REG CEO, Michael Phair.
“Whilst venture debt isn’t readily available on the high street or from our main bankers, fast growth businesses like REG, with high levels of annual reoccurring revenue, need this type of support to scale up and succeed – particularly internationally,” adds Phair.
The CEO expressed enthusiasm with the interest and support from Disruptive Capital and Shawbrook, highlighting its positivity for the InsurTech/RegTech sectors, especially for specialist banks like this in the UK.
London-based REG, which currently employs 35 people, will use the capital to invest in its staff, platform development, and systems, to support the company’s growth in the UK and globally.