1. Tell us a bit about yourself / your co-founder(s)
I am a commercial entrepreneur with a significant exit (React News, now Europe’s largest paid commercial real estate news service). Tori Hutchinson worked with me there as an operational lead, and Richie Smith came onboard as a tech supplier who chose to invest into the business, work with us full-time and offer us engineering (and now full-time engineering employees) at cost.
We complement each other well, and together have the commercial, operational and technical expertise to drive this business forward.
2. The Thesis
£197bn of retail sales, or almost half of the UK’s annual retail sales in goods and services, are insurable. Amazon alone makes almost £1bn in insurance revenue, and most UK SMEs have never been offered the opportunity to distribute insurance.
Bolt Cover exists to help retailer make incremental revenue and customer LTV through embedded insurance, which projects to grow 25% per year through 2028 (Munich Re, 2023), especially in the UK market which is growing 8% per year (Statista, 2023)
3. What problem or opportunity do you address, and for which target customers?
Our target customers are UK SMEs turning over £500m or less who have never been offered the chance to sell insurance, in underserved markets such as furniture, eyewear, jewellery, high-end apparel, collectables, and power tools.
4. Who are your competitors and what is your USP?
Our competitors are either focussed on servicing the largest UK retailers (XCover, Domestic & General) or single-category legacy players (Staingard, Guardsman, Sundays) with legacy technology.
Bolt Cover’s efficient integrations, insurance ecosystem (3x TOBAs with A-rated insurers) and scalable technology are our USPs.
5. What is your current stage and traction?
Since incorporation in Feb 2023, we have acquired regulatory approval, raised pre-seed funding and secured our first insurance and repair network partners.
From product launch in April 2024, we have added significant projected revenue across our 3x launch categories (Bike, Furniture, Eyewear), and opened up a new home appliances category with agreed integration with Shark Ninja’s D2C online platforms for early 2025. As of August 2024, we have 120x retailers, 14x manufacturers and 3x insurers committed to our platform.
We have since written over 1,200 policies, established 20x online integrations, reached £100k ARR and have a sales pipeline worth over £1.1m in Bolt Cover gross profit.
6. What are your plans for the next 6-18 months and how can our network help?
Over the next 18 months, we plan to raise our £1.2m seed round, reach £1m in ARR, and expand geographically with partners such as Shark Ninja and World Duty Free.
The network can help with investment, retailer introductions, and advice on geographical expansion as we scale.
7. What’s on your bookshelf or podcast app? Your favourite place for a coffee or a drink?
I’m currently reading “Think Again” by Adam Grant, after it was recommended to me by three different sources, so jumped to the top of my reading pile. It’s alongside The 21 Irrefutable Laws of Leadership (Maxwell) and It Works (R. H. Jarrett) for my upcoming trip abroad.
My favourite coffee is my 7am at my desk, as I plan out my day, visualise success and re-iterate my goals. I love a drink normally – especially at a festival or a Burn – but am not drinking until I complete this fundraise.