There was strong interest this week in our report that industry stakeholders have delivered an unambiguous thumbs-up for technology platform LifeBid as evidenced by the outcome of its capital raising campaign…
Advice businesses, licensee firms and other key industry stakeholders have delivered an unambiguous and collective vote of support for end-to-end technology platform, LifeBid, as evidenced by the outcome of what’s been described as a highly successful capital raising campaign.
The fledgling insurtech firm reports its capital raising round, now closed, has secured $1.45 million in financial commitments from the sector, easily exceeding the initial minimum target of $1 million.
In its release, LifeBid reports a total of 147 new investors participated in its funding offer, “…with support mostly coming from the life insurance and financial advice sector, including some of Australia’s largest advisory practices…”
The new investors committed $820K to support LifeBid’s development, following a strategic co-investment of $630K from industry risk advice stakeholders MBS Insurance, Ben Donald (MD, Austbrokers Life) and Canberra-based risk specialist adviser and business owner, Katherine Hayes.
The firm says this broad level of engagement highlights strong industry support for Life Bid’s proposition, noting the funds raised through the offer will be used in the development and delivery of the LifeBid platform, with stage 1 renewals capability expected to be launched around the second and third quarters of 2024.
MBS Insurance Partner and Co-CEO Kris Mason, said “It is pleasing to see both parties (advisers and product providers) come together and work on a much-needed industry utility for the sector.”
Mason added the industry has been working for too long on an individual basis trying to solve in force policy management which requires input from all parties: “The efficiencies this will bring to in force management (and new business down the track) will allow advisers to spend more time in the new business area,” he said.
…a win for all involved
Characterised by Mason as a win for all involved, another notable financial supporter is holistic advisory firm, Invest Blue, which boasts over 300 employees, including 128 advisers around Australia. The firm’s Head of Strategic Partnerships and Business Development, Steve Sewell, commented that Invest Blue sees the protection of wealth through quality risk advice and solutions as fundamental to empowering our clients to live their best possible lives.
LifeBid’s Founder, Brett Wright, took the opportunity offered by the successful completion of this capital raising round to reiterate that completing a crowdfunding campaign as part of its fundraising activities made it possible for the wider-life insurance advice sector and investor community to be a part of LifeBid’s journey, which he says “…was really important for us and the success of the raise highlights the appreciation of the value LifeBid is creating within our industry.”
See also: Call for Greater Collaboration…
