CPPGroup Plc CPP investment KYND secures funding from BGF (2792Y)
January 13 2022 - 2:00AM
UK Regulatory
TIDMCPP
RNS Number : 2792Y
CPPGroup Plc
13 January 2022
13 January 2022
CPPGroup plc
("CPP Group" or the "Company")
CPP InsurTech investment KYND secures funding from BGF
CPP Group (AIM: CPP), a provider of assistance and insurance
products which reduce disruptions to everyday life for millions of
customers across the world, is pleased to provide an update on its
investment in KYND, a provider of pioneering cyber risk management
solutions to the insurance industry.
KYND has secured GBP3.25m of investment from Business Growth
Capital (also known as the British Growth Fund / BGF) a UK and
Ireland-based growth capital investment company that provides
funding as a minority, non-controlling equity partner.
Founded in 2018, KYND has developed an industry-first API-based
technology platform that gathers and processes data to assess cyber
risk for small and mid-market companies, insurers, brokers, and
their clients, providing instant and meaningful insights into
exposure. KYND has achieved 1000% growth on annual recurring
revenue since June 2020 and developed partnerships with
high-profile insurers and brokers, such as Beazley, Howden, Paragon
and Alliant.
BGF's investment will be used to accelerate KYND's growth and
global expansion plans while supporting the development and launch
of cutting-edge cyber risk technology products.
CPP Group acquired a stake in KYND in March 2018 as part of its
strategy of investing in innovative people, businesses and products
that are relevant to its distribution partners internationally. The
investment by BGF will lead to a significant uplift in the carrying
value of the investment in CPP Group's accounts, which was GBP450k
as at 31 December 2020. As a result of the dilutive impact of BGF's
investment on CPP Group's shareholding in KYND, it will no longer
be accounted for as a joint venture by the Company.
Jason Walsh, CEO of CPP Group, commented:
"KYND's goal of simplifying and improving cyber insurance is
highly complementary of our own objective of reducing disruptions
for consumers across the world through the use of easy-to-use
solutions, making it a great fit for the Group.
"We're proud to be associated with such a promising UK tech
business as it continues to develop innovative products that
capitalise on the increasing demand for cyber insurance worldwide,
adding value to CPP's offering alongside those of some of the
biggest names in the industry.
"To secure this quantum of investment from one of the most
highly regarded funds in the UK is a great endorsement of the
incredible work Andy and his team are doing, and I wish them
continued success as they move into their next phase of
growth."
Enquiries:
CPPGroup plc
Jason Walsh, Chief Executive Tel: +44 (0)77 6437 8580
Officer
Simon Pyper, Chief Financial Tel: +44 (0)79 1779 5601
Officer
Liberum Capital Limited
(Nominated Adviser and Sole Tel: +44 (0)20 3100 2000
Broker)
Richard Lindley
Lauren Kettle
Kane Collings
Christopher Whitaker
Alma PR
(Financial PR Adviser) Tel: +44 (0)20 3405 0205
Josh Royston
David Ison
Kieran Breheny
Faye Calow
About CPP Group:
CPP Group creates assistance and insurance products which reduce
the disruptions to everyday life for millions of people across the
world. These products are provided through partnerships with
leading insurance, banking and finance companies as either as
embedded solutions or as relevant add-ons to enhance their core
offering and deliver additional revenue streams. CPP is listed on
AIM, operated by the London Stock Exchange.
For more information on CPP visit
https://international.cppgroup.com/
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