BondAval to get £1.2 million pre-seed funding from Insurtech Gateway alongside True Sight Partners and angel investors from London.

BondAval, a London, UK-based financial services startup, announced completing a £1.2 million ($1.6M) pre-seed funding round.

The money was raised from British investors led by Insurtech Gateway alongside True Sight Partners and included contributions from London-based angel investors such as Carlos Gonzalez-Cadenas, Yi Luo, Chris Adelsbach, Will Neale and Charlie Songhurst. 

BondAval, founded in 2020 by Sam Damoussi and Tom Powell (CEO), developed a credit risk engine which allows them to create and sell financial products called MicroBonds, which provide investment-grade certainty to wholesalers when securing their stock and inventory. 

BondAval says it offers a faster, more efficient and more flexible option to the traditional credit security through its credit risk engine.