Last checked at 13 Jan 2022 07:00
13 January 2022
CPPGroup plc
("CPP Group" or the "Company")
CPP InsurTech investment KYND secures funding from BGF
CPP Group (AIM: CPP), a provider of assistance and insurance products which reduce disruptions to everyday life for millions of customers across the world, is pleased to provide an update 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."
Enquiries:
CPPGroup plc |
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Jason Walsh, Chief Executive Officer | Tel: +44 (0)77 6437 8580 |
Simon Pyper, Chief Financial Officer | Tel: +44 (0)79 1779 5601 |
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Liberum Capital Limited |
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(Nominated Adviser and Sole Broker) | Tel: +44 (0)20 3100 2000 |
Richard Lindley |
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Lauren Kettle |
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Kane Collings |
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Christopher Whitaker |
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Alma PR |
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(Financial PR Adviser) | Tel: +44 (0)20 3405 0205 |
Josh Royston |
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David Ison |
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Kieran Breheny |
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Faye Calow |
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About CPP Group:
CPP Group creates assistance and insurance products which reduce the disruptions to everyday life for millions of people across the world. These products are provided through partnerships with leading insurance, banking and finance companies as either as embedded solutions or as relevant add-ons to enhance their core offering and deliver additional revenue streams. CPP is listed on AIM, operated by the London Stock Exchange.
For more information on CPP visit https://international.cppgroup.com/