Cambridge entrepreneur targets crowd cash for InsurTech startup
Cambridge serial entrepreneur Goncalo de Vasconcelos is poised to raise crowdfunding cash for a new UK business venture – an InsurTech startup that is being incubated in stealth.
But he won’t be using SyndicateRoom, the equity crowdfund that he started in Cambridge.
He left SR to launch and cradle his new baby’ – Rnwl – but remains on the SyndicateRoom board so says there is a clear and insurmountable conflict of interest. So it would appear to be a straight choice between Crowdcube or Seedrs. de Vasconcelos declines to say how much he is looking to raise to roll out Rnwl.
He is still nailing down the future roadmap for the venture but has no doubts about the need for such a technology play in the insurance renewal sector.
Rnwl’s mission is to remove the hassle of managing insurances and forever change how people interact with their insurers and product offerings.
Initially it will start by taking the hassle of the auto-renewal by analysing the market for deals on an ongoing basis.
Goncalo says: “For too long loyal customers have been overpaying on their insurances. The systems are designed in such a way that it’s cumbersome and a real hassle to shop around. Rnwl will make this process insanely simple.”
He said the choice to crowd-fund was “a no brainer” because “Rnwl’s potential customers are people like you and me. The amount of value from having 1,000 or more small investors that become Rnwl’s biggest fans and advocates cannot be overstated.
“They will gain early access to Rnwl and we look forward to getting their feedback and input. We are building Rnwl for them. As such, crowdfunding is the perfect route for funding.”
The company is now facing a tough choice – which crowdfunding platform to use – Crowdcube or Seedrs?
Goncalo says: “We honestly haven’t made a decision yet. We spoke to both and we’ll be making a decision soon but it’s not as simple as it may seem.
“Both platforms are excellent for marketing exposure. In the past I’ve been very vocal about the need for investor protections, which is why all investors in Rnwl, large or small, will get the same class of shares with the same rights.