Downsizer receives further seed capital – Insurtech – Insurance News
Downsizer receives further seed capital
20 March 2023
Sydney-based startup venture Downsizer says it has secured $3.75 million in investment from venture capital firm Correlation, and surety bond specialist, Lombard Australia.
Downsizer, which serves as the market-facing brand of Block Builder, says the investments will accelerate the growth of its unique software-as-a-service platform to support fintech, proptech and insurtech solutions. Its total funding has risen to $6.1 million.
The company says its technology aims to help insurance brokers, property underwriters, property developers and others to engage with older Australians by providing relevant content and market insights.
Downsizer says the agreement is complemented by an established strategic partnership with Lombard-owned Deposit Power, which underwrote the firm’s home deposit bond program that allows consumers to use the equity in their owned homes to support future building purchases.
Downsizer MD Mark Macduffie welcomed Correlation and Lombard as business partners saying that “culturally and commercially it’s a great fit”.