Dublin fintech player ClaimVantage raises €2m

28 Mar 20171.02k Views

Hong Kong. Image: Iakov Kalinin/Shutterstock

New investment will fund ClaimVantage’s Asia Pacific expansion.

Dublin-headquartered cloud software player ClaimVantage has secured €2m in funding to support its global expansion.

The company secured the funding from the Davy EII Tax Relief Fund 2015, which is managed jointly by Davy and BDO.

‘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’
– LEO CORCORAN

ClaimVantage, a Salesforce Cloud Alliance partner, currently employs more than 30 people globally.

It seeks to expand its workforce across its markets in Ireland, the US, Asia Pacific, Europe and South Africa over the next five years.

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“We see a huge opportunity in the AsiaPac region,” said CEO Leo Corcoran.

“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.”

ClaimVantage operates in the area of cloud-based life, health and absence claim management solutions for a wide-range of insurance companies.

Customers include two of the top three carriers in Canada and two of the top 10 insurance carriers in the US.

“The team at ClaimVantage has created innovative cloud-based technology that will drive efficiencies and improvements in the claims management process within the insurance sector,” said Sinéad Heaney, partner at BDO.

“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.”

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years

editorial@siliconrepublic.com