Australian insurtech firm Open has raised $31 million in a Series B round led by New Zealand-based VC Movac, while Japanese health and beauty group Shiseido will sell three cosmetics brands to Advent International.
Australian insurtech company Open raises $31m Series B
Sydney-based insurance technology startup Open has raised $31 million in a Series B round led by New Zealand-based VC Movac and the Britain-based Latitude (part of the LocalGlobe group), the Financial Review reported.
The funding round was joined by Open’s seed investor and underwriter in Australia, The Hollard Insurance Group, and returning investor AirTree Ventures.
This new fund brings the company’s total funding, since its 2016 launch, to $53 million.
Open was founded by Jason Wilby and Jonathan Buck, the founders of innovation consultancy Auxilio Ventures. It is famous for its Huddle brand and insurance products, which are driven by artificial intelligence (AI). Open already has more than 70,000 customers in Australia.
The proceeds will be used to enter the New Zealand market later this year, with Tower Insurance as its underwriter.
Movac is a VC firm that invests in early-stage technology companies. The company was founded in 1998 and is based in Wellington, New Zealand.
Japan’s Shiseido sells three brands to Advent for $700m
Japanese health and beauty group Shiseido last week reported that it will sell three high-end US cosmetics brands to American private equity firm Advent International for $700 million. The three brands are bareMinerals, Buxom, and Laura Mercier, which will be transferred to Advent later this year.
The move is part of Shiseido’s plan to narrow its focus and channel resources to its growing skincare business.
Shiseido plans to allocate the proceeds from the sale to R&D in skincare, as well as new acquisitions in the growth market of China and elsewhere in Asia, according to Nikkei Asia.
In July, Shiseido sold its personal care business to European private equity firm CVC Capital Partners. The sale included the shampoo brand Tsubaki.
Set up in 1984, Advent focuses on investments in five areas — business and financial services; healthcare; industrial retail; consumer and leisure; and technology. With $75 billion in assets under management, the firm has made 380 investments across 42 countries.
In August, Advent International announced the sale of its controlling stake in AI Dream, which operates mattress brands Serta Simmons and King Koil in China, to Hillhouse Capital.