JAVLN Holdings, a cloud-based insurance policy management platform, has raised A$6.7 million to support its growth plans in a partnership with Australian pre-IPO fund manager Bombora Investment Management.
The raise included a private offer to pre-IPO investors which was up-sized from $3.25 million to $4 million.
The new capital will enable JAVLN to expand its presence firstly in Australia and then more broadly in Asia Pacific through organic growth and acquisition. JAVLN’s leadership and development team will continue to be based in its new premises in Grey Lynn, Auckland.
Established in 2014 and privately funded until now, JAVLN sought new capital to expand as insurance providers undergo significant digital transformation. These providers, including underwriters and brokers, face new reporting regulations in addition to raised customer and staff expectations for user-friendly online experiences.
“To compete with global firms we need to scale our team and technology,” chief executive Dale Smith says.
Kerry McIntosh, Bombora-appointed incoming JAVLN chairman says “JAVLN is very well positioned to grow as insurers, underwriters and brokers adopt modern, cloud based, integrated software solutions to improve efficiency, compliance and customer experience."
"One of the key attractions for us was the quality of the management team led by founder and chief executive Dale Smith, who is an experienced and successful serial entrepreneur. The quality and nature of the investment opportunity resulted in an oversubscribed private offer despite challenging capital market conditions.”
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