A £5 million investment round has been closed by Kingsbridge Risk Solutions so that it can embark on overseas growth.
The Gloucestershire-based company has been backed by ISIS Equity Partners, which counts Vietnamese restaurant chain Pho and bathroom products retailer Bath Empire as portfolio companies.
Insurance broker Kingsbridge is planning to use its new funds to develop its product so that it can enter other industry sectors, having so far specialised in the water industry, environmental risks and professional services such as payroll and insolvency – as well as look to build on international growth.
Kingsbridge CEO and founder Steve Wynne says that he went looking for a ‘strong, knowledgable and forward-thinking partner’ to help support the business.
‘ISIS is a natural fit for us and I am looking forward to building an even stronger independent future together,’ he adds.
The capital commitment is the first investment, but second deal, that ISIS has made during 2014. It began 2014 by exiting its interest in portfolio company Kafevend to Eden Springs.
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Andrew Garside, partner at ISIS, comments, ‘We have been proactively targeting investment in the insurance industry.
‘Kingsbridge is a business built on strong principles and is achieving strong organic growth which is highly attractive in the industry.’
Following the investment, Wynne will continue to lead the 13 year-old business, which has offices in four locations around England, as CEO.
Kingsbridge also has a division providing business insurance services to contractors, freelancers and self-employed professionals in the engineering, oil and gas, baking and finance as well as IT.
