Hepstar, a Cape Town, South Africa-based digital insurance distributor, raised US$2m in funding.
UK-based technology investor Amadeus Capital Partners made the investment.
The company intends to use the funds to focus on sales and local talent acquisition, expand the global reach, accelerate technology development and grow the brand.
Founded in 2013 and led by CEO Stephan Ekbergh, COO Claudia Snyman, CTO Stephen Booysen and CFO Brett Dyason, Hepstar provides digital distribution solutions of travel insurance with presence spanning across the globe. The company’s technology allows travel suppliers to increase ancillary revenue streams from sales commission by offering insurance products while enabling insurance providers to exploit the opportunity given by e-commerce.
Over the last year, Hepstar has grown its presence to include Africa, the Middle East, Europe and Australia.
Clients include CarTrawler, South African Airways, ClickBus (including Neredennereye.com), IATI, Flightsite and Travelstart while strategic partnerships have been signed with Global Distribution Systems, as well as insurance companies Mapfre, Regent, Al Sagr and Orient Sigorta.