Thursday, 30 March 2017

Irish FinTech Company ClaimVantage Receives €2m Investment To Fund AsiaPac Expansion

ClaimVantage, an Irish-headquartered, internationally-focused technology provider of claim management software has secured €2m in funding to accelerate its international expansion. The funding was provided by the Davy EII Tax Relief Fund 2015, which is managed jointly by Davy and BDO.

The Fund targets companies with capable and experienced management teams and that also have ambitious growth plans.

ClaimVantage, which currently employs over 30 people globally, seeks to expand its workforce across its markets in Ireland, the United States, AsiaPac, Europe and South Africa, over the next five years.

Commenting on the investment, ClaimVantage CEO, Leo Corcoran said “We see a huge opportunity in the AsiaPac region. After securing three deals in Australia over the past two years, we have identified a need in the market for cloud-based claim management software solutions to increase claim processing efficiency and support digital insurance. We are currently pursuing a Proof of Concept in Hong Kong and another in Japan. This funding will help us further develop our team to support this expansion.”

Sinead Heaney, Partner, BDO, explained “The team at ClaimVantage have created innovative cloud-based technology that will drive efficiencies and improvements in the claims management process within the insurance sector. This is an agile company which has real potential for growth, a strong trading record, and an experienced management team. These are the reasons why it is a great fit for the Fund. We are delighted to be on board to assist ClaimVantage achieve its ambitious growth plans in the coming years.”