Cloud-based insurance software-as-a-service scaleup Javln has raised A$6 million for its Australian expansion.
The round was led by boutique fund manager Microequities Asset Management and alongside crossing The Ditch, will be used for R&D and entry into other markets
New Zealand entrepreneur Dale Smith founded Javln in 2011. It simplifies clients, policies, claims, and document management in one cloud platform for brokers, financial and risk advisers, and underwriting agencies. It has more than 11,000 contracted users.
Javln CEO David Leach, said raise raise was a pivotal moment in the veteran insurtech’s growth trajectory, following a strategic partnership with Envest, Australia’s largest privately-owned insurance and financial services distribution group, and will help cement its position as a leading innovator in the Australian insurance industry.
“This capital raise enables us to act decisively in a rapidly evolving market,” he said.
“With AI and new technologies transforming the insurance sector, the funds will help us provide innovative software products to our customers across ANZ and beyond.”
Microequities Asset Management CEO Carlos Gil said:“We were impressed by Javln’s technology which we think will markedly advance the digitisation journey currently taking place in the insurance broking industry. We see JAVLN’s technology as a key enabler for insurance brokers to ultimately provide better outcomes for their end clients.”
Javln has also appointed Tim Mole as its head of AI & data. He brings more than 30 years of experience in management, analytics and AI leadership to the company, and will oversee embedding AI in Javln’s policy and document management products.
- Editor’s note: An earlier version of this story had the raise at NZ$6m. This was incorrect and has been amended.
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