London-based insurtech startup CatX has successfully raised £2.15 million ($2.7 million) in a seed funding round led by Silicon Valley venture capital firms and angel investors, including HackLegacy.

CatX, accepted into the Y Combinator accelerator in June, has developed a marketplace to connect insurers with capital providers, aiming to bridge the gap between supply and demand in the reinsurance industry.

The platform offers advanced risk models and portfolio exposure management tools, catering to over 15 institutional investors, including North American pension funds and hedge funds. CatX was founded in 2023 by University of Oxford graduates Benedict Altier and Lucas Schneider.

The funds will be used to strengthen the insurtech’s position in the market and expand its services.

CatX’s mission is to enhance the resilience of the insurance industry in the face of increasing global challenges and contribute to closing the protection gap while providing a new, uncorrelated asset class for investors.