Swallow, a no-code pricing optimisation platform for businesses to test pricing structures for products and services, has secured an £850,000 pre-seed investment.
Companies can create and test mock pricing structures using Swallow’s platform and, when ready, deploy the new pricing structure.
Swallow was founded by Callum Rimmer, who previously launched insurtech company By Miles, which was acquired by insurance firm Direct Line Group in April.
“In my previous role as a CTO at a fast-growing insurtech, I’ve seen first-hand how unnecessarily complex and time-consuming it can be to push a simple price change live,” said Rimmer.
During his time at By Miles, Rimmer gained experience calculating and distributing of insurance products. During this period, Rimmer said he “repeatedly ran into” problems like publishing and testing.
With the pre-seed announcement, which was co-led by Connect Ventures and Jigsaw VC, Swallow is opening its price-testing software up to the general public.
Rimmer told UKTN it will look to raise its seed round from the start of next year. The round size will depend on “the general market, our traction and investor appetite”, Rimmer added.
Dan Smith, managing partner at Jigsaw VC, said “Pricing is a discipline we’ve felt has been heavily underfunded to date given its disproportionate impact on the bottom line.”
“The insurance sector offers a perfect storm for Swallow: a trillion dollar industry with huge price sensitivity and a reliance on pricing models built by actuaries on spreadsheets or legacy tech.”