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Published on : Tuesday, February 23, 2016
Digital insurance distributor Hepstar has received US$2 million in funding from UK-based technology investor Amadeus Capital Partners. With the new funding the company will build on its momentum including expanding its global reach, accelerating technology development and growing its brand.
Hepstar was founded in 2013 to address the need for e-commerce companies in general, airlines and travel companies in particular, to maximize revenue from ancillaries. “The global airline ancillary opportunity is around US$60 billion. We can help our partners make up to 30% of their net revenues from insurance ancillaries”, said Hepstar CFO Brett Dyason.
Over the last year the company has grown its presence to include Africa, the Middle East, Europe and Australia. Clients include CarTrawler, South African Airways, ClickBus (including Neredennereye.com), IATI, Flightsite and Travelstart. Attaining this rapid growth in such a short period of time is due to Hepstar’s strategic partnerships with some of the leading Global Distribution Systems, as well as insurance companies including Mapfre, Regent, Al Sagr and Orient Sigorta.
“We’re extremely pleased about our partnership with Amadeus Capital Partners. They understand our business and vision”, said Brett Dyason. “Hepstar has grown organically to date and we are now anticipating growth of 150% in 2016. This investment will allow us to focus on innovation, sales and local talent acquisition.”
“Amadeus Capital is excited to be involved in Hepstar,” said Andrea Traversone, Investment Partner at Amadeus Capital Partners. “They are solving a real problem regarding insurance distribution during a time when ancillary revenue is becoming increasingly important for E-commerce companies. Given the prowess they have demonstrated in this niche we expect they will be a leading supplier in this market in the near future.”
Amadeus Capital Partners’ investment into Hepstar is provided for by their Digital Prosperity Fund, which is backed by the MTN Group. This fund assists growth companies to develop online and mobile applications in emerging markets such as Africa, the Middle East, Asia and Latin America. This made Hepstar a prime candidate due to their focus in expanding their existing reach in Africa and the Middle East while simultaneously developing Latin America.