Lovethorn has successfully closed £200k in pre-seed funding raise and appointed its first non-executive director.
The insurtech launched eight months ago and provides an enhanced underwriting system to income protection providers, as well as an app for their customers.
It told Health & Protection the funds will be used for research and development and the trialling and testing and validating of its product.
The investment announcement coincides with the appointment of Pacific Life Re actuary Richard Purcell as non-executive director.
James Lovett, founder and CEO of Lovethorn, said: “We are taking great backing from a fantastic group of investors into 2024.
“Our immediate focus is income protection and looking forward we are seeking interested and interesting insurers to help test and validate our product as we move through the year
“The appointment of our first non-executive is a testament to our commitment to assembling an expert leadership team,” Lovett added.
“We warmly welcome Richard Purcell, an actuary at Pacific Life Re, and his years of product development knowledge and expertise across both insurance and reinsurance. He will be instrumental in helping steer Lovethorn to success.”