ARMD investment opportunity still open as it smashes £300k fundraising target to drive growth
InsurTech ARMD, which is supporting underserved tradespeople, is set to scale and accept overfunding following overwhelming interest in their Seedrs crowdfunding campaign. The round is set to close early on Friday 17th December, so there is time yet for investors to participate.
ARMD addresses a huge market issue. Today, a tool or piece of equipment is stolen from a van every 23 mins, with 54% of tradespeople having experienced a theft at least once in their career. These people are often uninsured, due to a lack of trust in insurers or cost. However, even when insured, it can take weeks to get claims settled, resulting in financial instability and sleepless nights.
ARMD is currently raising equity investment via Seedrs, the UK’s leading equity crowdfunding platform. The company reached its minimum target of £300k within 24 hours of the campaign going live. So far, more than 150 investors have committed to the tune of £350,000, including leading insurance industry insider Matthew Grant, CEO of InsTech London, and ARMD’s founding team, who collectively have over 50 years’ experience growing, scaling, and selling technology companies.
ARMD Co-Founder and CEO, Devin Chawda, said: “Tradespeople are under-protected and underserved, representing a £6.5B+ market opportunity in the UK alone. However, ARMD isn’t just about selling insurance or replacing tools when they get stolen; we are about building an ecosystem designed to better protect an unloved and underappreciated segment of the UK’s workforce.”
ARMD provides tradespeople with all the essentials they need to work in one online hub: a tool inventory app to digitally record tools and equipment, dedicated tool insurance with fast settlement to insure tools in the event of a loss, an online tool store to replace stolen equipment, and a smart IoT security sensor to protect them from thefts in the first place.
The company, which was launched in November, is partnered with MGA insurance specialists OneAdvent and is already seeing positive traction with 50% of users leveraging ARMD’s embedded insurance proposition to purchase insurance alongside tools on the platform.
ARMD also recently won Insurathon 2021, an event held by global law firm Norton Rose Fulbright, promoting innovation in the insurance sector, earning a lucrative prize pot of £25,000 investment and £25,000 of pro bono legal and regulatory support. Previous winners include the likes of Pluto Travel, Flock Cover, Supercede, and Nexus Mutual.
To find out more and get involved: www.seedrs.com/armd/
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