We do health insurance that’s simple, practical, and affordable - for every business and everyone in it.
- Raised £881K and onboarded 681 investors as part of this round
- 5-year exclusive Insurance Capacity deal with AXA PPP Healthcare
- 106% premium retention & 249% member growth YoY
- Backed by institutional investors & Fintech50 2020 #1 Angel
Only 5% of UK companies buy health insurance for their employees, yet 41% of employees want private health care. With a 53% increase in NHS treatment waiting lists since 2012 and 15.4m work days lost to stress in 2018 - in a post-covid society, prioritising employee health is no longer an option.
Equipsme is on a mission to democratise health insurance by making it an affordable reality for businesses of all sizes. We think businesses and the self-employed deserve better when it comes to employee healthcare packages which is why we’ve made it simple - covering people for only what they need.
Equipsme offers flexible fixed-price packages, with employees able to pay to upgrade and add family members for maximum peace of mind.
Members can speak to a GP 24/7, have physio sessions, regular health checks and, if necessary, be quickly referred to a consultant for diagnosis and treatment, all managed through a simple to use app.
Substantial accomplishments to date
Achieved 249% YoY premium growth in users with a 106% renewal retention rate
Customer with 14 staff quoting and buying online – with no human intervention by team Equipsme.
Digital Partnership with Starling Bank June 2020 with NDAs in place with a further 2 digital distribution opportunities.
Launched a self-employed product to cater to a currently untapped market of 4.9m self-employed
96% of quotes and 94% of sales in Q3 from direct or digital channels.
Finalist “Best Group Health Insurance” by Cover Magazine Excellence Awards 2020 and Finalist “The Insurtech Awards” by British Insurance Awards 2020.
Became Simply Business Health insurance provider May 2020.
Launched a Self-employed product for the 76% of businesses that don’t employee anyone in the UK.
Awarded “Best new product” by Cover Magazine Excellence Awards 2019.
Raised over £3.5m through Angels and institutional investors to date.
We have secured an exclusive 5-year insurance capacity deal with AXA Health.
Equipsme bundles Health Insurance & Services together in a simple to understand and market leading price to enable UK Business to provide affordable and value for money health benefits to their employees and their families.
Through procuring services at lower than average market rates, we can retain a net mark-up of more than 25% while still being more competitive than traditional health insurance benefits. By directing the customers to the appropriate service we are able to contain costs and pass them on to the SME.
Future exciting strategies for income generation include the use of unique data, profit sharing with capacity providers and international expansion.
Use of proceeds
We have already raised £881,000 as part of this round and onboarded 681 investors. We are seeking to extend this round to achieve our target of £1m raised and 1,000 new investors in 2020. Please note, the £881,000 raised has been included in the pre-money valuation, and this raise is on the same terms.
£500,000 to fund the growth of Equipsme ahead of securing a Strategic Investor and our planned Series A round in early 2022.
The investment will be used to enhance our user experience and ensure our technology remains market-leading. We’ll also scale our marketing and customer service capability as we announce new digital distribution partnerships before the end of the year.
The company has the following outstanding loans:
1. In November 2017, Equipsme Insurance Services Limited, a wholly-owned subsidiary of Equipsme Holdings Limited, received a loan of £300,000 from AXA PPP Healthcare, with an interest rate of 3% per annum. This is to be repaid by June 2021. AXA PPP Healthcare has a fixed and floating charge over the assets of Equipsme Insurance Services Ltd in relation to this loan.
2. In January 2018 Equipsme Insurance Services Limited received a loan of £1,000,000 from AXA PPP Healthcare, with an interest rate of 9% per annum. This is to be repaid by June 2023.
3. A Bounce Back loan of £50,000, interest-free for 12 months, and 2.5% thereafter. This is to be repaid by May 2026.
None of the funds raised will be used to repay these loans.
Future convertible loan note
The Company is currently negotiating a convertible loan with strategic investors for an investment of up to £3 million, which may convert to equity after this round and dilute existing shareholders. The indicative terms are as follows:
- The convertible loan will convert on the earlier of (a) a qualifying financing raising at least £1 million or (b) longstop date of 31 December 2022
- On a qualifying financing, the loan will convert at either a discount of 15% or 25% depending on the revenue generated through a distribution agreement to be entered into by the company and the strategic investor.
- On the maturity date, the loan will convert at the same price as this round, which is £0.56 per share.
- On conversion the investor will receive senior shares, the terms of which will be agreed by the Company and the investor.
Please note the company has not yet signed a binding agreement with any strategic investor. The investment may therefore still be subject to change and is not confirmed. The company will however have the authority to allot up to 5,500,000 shares pursuant to the convertible loan agreement without pre-emption rights applying (constituting 25% of the company’s current pre-money fully diluted capital).
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