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§ Private Profile · Sydney, Australia
Insurtech providing flexible, subscription-style embedded insurance for electronics, valuables, and travel for young people and renters.
Founded in 2021 by Cassie Bell and Steph Skevington, Sydney-based Butter Insurance is an insurtech company providing flexible, subscription-style embedded insurance at checkout for single items like electronics, smartphones, laptops, and jewellery. The platform integrates directly with retailers and open banking systems to offer seamless worldwide coverage for accidental damage and theft, specifically targeting young people, renters, and Gen Z consumers. Users manage policies, track claims, and update payments via a central web-app. The enterprise recently became the first to embed insurance into Australia's payment systems through integrations with BPAY Group, eftpos Australia, and NPP Australia. Backed by Startmate, Flying Fox VC, Quokka Ventures, and FB10X adVentures, the startup has raised $1.3 million in pre-seed funding. Butter Insurance also expanded its offerings to include travel insurance solutions through a 2024 partnership with battleface.
Butter Insurance has raised $1.3M across 1 funding round.
Butter Insurance has raised $1.3M in total across 1 funding round.
Butter Insurance has raised $1.3M across 1 funding round. Most recently, it raised $1.3M Pre-Seed in December 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Dec 9, 2022 | $1.3M Pre Seed | — | Fb10x, Flying FOX Ventures, Quokka Ventures, Startmate | Announced |
Butter Insurance has raised $1.3M in total across 1 funding round.
Butter Insurance's investors include FB10X, Flying Fox Ventures, Quokka Ventures, Startmate.
Butter Insurance is an Australian insurtech startup founded in 2021 that offers flexible, single-item insurance for personal belongings like technology products and travel experiences.[1][2][4] It provides affordable protection against accidental damage, theft, loss, and travel emergencies through a user-friendly web app, targeting young people—especially Gen Z—who want simple, customizable coverage without complex policies or lengthy processes.[1][2][4] The platform allows users to get quotes, bind policies, manage payments, track claims, and update details seamlessly online, solving the problem of rigid, one-size-fits-all insurance by embedding options into e-commerce and daily life.[2][3]
Butter serves tech-savvy individuals frustrated with traditional insurance, focusing on high-value items they "actually care about" rather than broad household policies.[2] Early growth includes incubation by Insurtech Gateway Australia, over $500K in funding, and partnerships like with battleface for tailored travel solutions, positioning it as a nimble player in a market ripe for digital disruption.[2][3][4]
Butter Insurance emerged in 2021 when co-founders Cassie Bell and Steph Skevington, longtime friends, bonded over drinks at a party while complaining about the lack of suitable insurance for their travel and tech gadgets.[4] Cassie, a former commercial lawyer specializing in Equity Capital Markets, M&A, and tech businesses, brought legal expertise; Steph offered broad experience in legal, commercial, and operational roles, including as a Startmate fellow.[2]
The idea crystallized from their realization that Australia's insurance market lacked innovative, flexible options for young people—prompting them to build single-item policies via a sleek app.[2][4] Pivotal early traction came from Insurtech Gateway Australia's incubation, providing guidance, resources, and connections that accelerated growth, as praised by co-founder Cassie Bell and program CEO Simon O’Dell.[2]
Butter rides the insurtech wave and Gen Z travel boom, capitalizing on post-pandemic demand for personalized, digital-first insurance amid rising gadget ownership and experiential travel.[4] Timing is ideal in Australia, where traditional providers lag in innovation, creating openings for embedded insurance via e-commerce and social commerce—trends amplified by tech adoption among under-30s.[2][4]
Market forces like regulatory openness to fintech and partnerships with retailers favor Butter, influencing the ecosystem by proving single-item models can scale via apps and APIs, challenging incumbents and inspiring peers in embedded finance.[1][2]
Butter's app-driven, youth-focused model positions it for rapid scaling, potentially expanding to more categories like events or rentals while deepening e-commerce embeds.[2] Trends like AI claims processing, global Gen Z mobility, and regulatory tailwinds for insurtech will shape its path, with influence growing through acquisitions or international partnerships. As a 2021 entrant already securing funding and allies, Butter exemplifies how founder grit meets market gaps—primed to redefine "insurance for the stuff you actually care about" in a digital-native world.[2][3][4]