88ships, an advisory platform for growth-oriented technology companies, and Bullfrog Ventures, an InsurTech delivery platform, join forces to create a new joint-venture (JV), 88Bulls.
Image: Kingsway sells auto insurance businesses. Photo: Courtesy of alexisdc/FreeDigitalPhotos.net.
88Bulls is the first multi-region startup accelerator and early stage venture fund focused on innovative InsurTech startups building transformative products and solutions.
88Bulls’ program will focus on scaling InsurTech start-ups internationally through a hands-on and entrepreneurial approach prioritizing business development, strategic finance and operations excellence, and talent development.
88ships and Bullfrog will combine their respective capabilities to create a unique international InsurTech network, connecting the innovative and entrepreneurial startup ecosystem of Silicon Valley with Latin America´s InsurTech hub via Miami, and Europe’s insurance hub via London.
88Bulls will leverage this network to offer a unique accelerator program that will provide insurance startups with direct access to customers and business partners globally, corporate and venture investors, and seasoned executives and mentors.
88ships CEO and founder Ralph Leung said: “Startup and venture capital activity in InsurTech has increased rapidly over the past few years and we’re excited to partner with Bullfrog to accelerate this growth and introduce more innovation into the existing insurance value chain.
“Our program will focus on gaining traction and scaling through creating successful and profitable partnerships with international insurers.”
Complementing the accelerator program, 88Bulls will create an early stage venture fund to invest in its portfolio companies to further fuel their growth.
88Bulls will identify and invest in growth-oriented InsurTech startups with market-ready products, early revenue, and an international business model who are looking to gain larger customers, initiate new partnerships, and scale rapidly.
Bullfrog Partner Ana Rojas Matiz said: “Combining our deep insurance expertise with 88ships’ company building experience and network in Silicon Valley is a unique proposition for InsurTech startups who want to join a premier accelerator program.
“We will also continue to foster diversity and inclusion in our program, consistent with 88Bulls’ team of diverse leaders.”
InsurTech represents much more of an opportunity than a threat to traditional insurers and 88Bulls’ objective is to bring out the best in these two worlds to accelerate innovation in the industry.
Source: Company Press Release