● Pre-Series A, by invitation only
Back founders reimagining the financial system of insurance, before that vision is fully priced in.
The problem: risk capital has always been institutional — deep pools of capital, closed off from the communities who actually carry the risk, leaving people and small businesses with rigid, one-size cover, or none at all.
The solution: we're not iterating on insurance. We're rebuilding how risk capital, behaviour and capital connect, from first principles. Founder Stuart King self-funded Babel Cover from day one and has stayed all-in ever since, putting almost everything raised to work building the business.
The proof: the BMIC, our first live collective, is proof it works today, with real members and real contingent capital already in place. Now we're ready to bring in a financing partner to help Babel Cover reach its full potential, at the earliest stage a new investor can still get in before that vision is fully priced.
£1.5mRaising this round
£10.25mPre-money valuation
Pre-Series AAngel → Pre-seed → Seed
SEIS/EISSought on request*
*Subject to confirmation by HMRC and your own tax position. This page is a private communication to invited individuals only, see the full disclaimer below.
Backed by:
One of the Nordics' largest financial services groups, with around 5,000 employees and over £100bn in assets under management, backed by global private equity leaders KKR and TA Associates.
A specialist venture capital firm investing exclusively in transformative insurtechs, backed by $600m across two fund closes and led by a fifth-generation insurance professional.
How this differs from the Capital Interface
This page is for people considering an equity investment in Babel Cover Limited, the company. It's separate from the Capital Interface, which is a private, non-equity product where approved Participants provide contingent capital support to discretionary mutual collectives like the BMIC. Buying shares here makes you a shareholder in the company that builds and operates that infrastructure, not a Capital Interface Participant.
Start Here
The investment case, in one screen
Babel Cover builds the infrastructure that connects contingent capital to member-owned mutual collectives, starting with UK motorcyclists through the BMIC. The architecture is live, proven and positioned compliantly today; this pre-Series A round funds scaling it into new collectives and sectors. We're raising £1.5m at a £10.25m pre-money valuation — priced before that vision is reflected in later rounds. Below, choose how you'd like to work through the detail; both paths cover the same case, and you can switch at any point.
Choose your path
Same investment case, two depths. Switch anytime. The Opportunity
Risk finance, rebuilt for everyone else
Babel Cover connects approved Participants' contingent capital to member-owned mutual collectives, discretionary structures that sit outside standard insurance regulation. The BMIC, our first live collective, covers UK motorcyclists' helmets and protective gear and proves the model works today. It's sector-agnostic by design: any community, personal or small business, with a shared and quantifiable risk can become the next one.
Why now
- ✓ Priced pre-Series A, so there's meaningful equity still available before the company scales into its next round
- ✓ Live architecture, not a concept: BMIC is operating today, with regulatory positioning already proven
- ✓ Backed by Söderberg & Partners and Markd, both strategic to the model
- ✓ Founder-led, with Stuart holding majority voting control and capital committed alongside this round
The Business Model
Two parties, one Operator
The Collective is where members pool contributions against a shared, defined risk. The Capital Interface is where approved Participants commit contingent capital that supports the Collective only when it's needed. Babel Cover, as Operator, builds and runs the technology connecting them, and never holds the underlying risk itself — claims decisions stay with the Collective's own board.
Revenue is a simple, asset-light fee: £5 per Collective member plus 1% of capital committed by Participants. It scales with adoption, not with capital sitting on our balance sheet.
Track Record
Each round proved one thing before the next
We didn't rush to market. Each funding stage was used to prove one thing before asking for the next round of capital.
Angel · 2018
Proof it could be built compliantly
Two ledger technologies, one conclusion: the architecture could be built inside a regulated setting.
Pre-Seed · 2020
Proof there was a market
Motorcyclists emerged as the clearest product-market fit for a behaviour-led, shared-risk model.
Seed · 2023
Proof it works at scale
BMIC launched live, with the Capital Interface connecting real contingent capital to it.
This round funds the same discipline reaching further: more collectives, more Participants, more capital — with Stuart continuing to co-invest alongside it, as he has at Angel and Seed before.
Traction
Small numbers, proven infrastructure
Twenty members and £18,884 of contingent capital won't jump off a spreadsheet next to consumer growth benchmarks — and that's not the point. What it represents is a working discretionary mutual and a live Capital Interface, built and positioned compliantly from a standing start, in a category with no existing playbook. That was the hard, slow part. It's done now.
20BMIC members
£18,884Capital Interface
6Collective pipeline
32%Compound growth
This raise targets 17,500–37,500 riders and £0.7m–£2.8m of Capital Interface across 2–3 live collectives — the milestones that make the next financing round materially lower-risk to underwrite.
Team
Finance, technology, audit and risk
A small, founder-led team whose combined backgrounds span institutional finance, complex trading systems engineering, and Big Four risk governance.
Stuart King
Founder & CEOTwo decades in finance, technology and risk transformation at institutional scale; holds majority voting control.
Martin H.
CTOEconomist and technologist; background in high-frequency trading and complex trade systems.
Michaela S.
CFOQualified accountant and economist; former Finance Director responsible for $500m in revenues.
Martin K.
CROFormer Big Four audit partner; led a financial services advisory team of 200+ risk consultants.
The Round
Terms at a glance
Raising£1.5m
InstrumentOrdinary A Shares
Pre-money valuation£10.25m
Post-money valuation£11.75m
Minimum investment£50,000
Target close31 December 2026
Use of funds: 35% team & hiring, 27.5% Capital Interface engineering, 20% new collective launches, 17.5% regulatory capital & working capital.
Why Invest
What you get as a shareholder
A fairer model for risk finance
Moving risk capital away from opaque, institution-only structures toward a transparent, digitally native model built for collectives and individuals.
Governed like a company built to last
EIS approval secured at our angel round, and quarterly written investor updates issued without interruption since incorporation in 2018.
A founder built to go the distance
Stuart has self-funded the business since 2018 and personally invested again at Angel and Seed, and is now ready to bring in a financing partner to scale it further.
This round is open to investors certified as high net worth, sophisticated, or otherwise eligible under UK financial promotion rules, who have been personally invited to request access. Investing in early-stage, unlisted companies carries significant risk, including illiquidity and loss of capital. Full risk disclosures, source data, documents and FAQs are available in the Full Read and your Subscription Agreement.
Want the full picture? Business model mechanics, complete traction data, the full track record, data room documents and FAQs are all in the Full Read.
The Opportunity
Risk finance was built for institutions. We're re-engineering it for everyone else.
Babel Cover was founded in 2018 to open up access to insurance-linked risk capital, a space historically reserved for large institutions. The same mutual model works for any community bound by a common, definable risk, whether that's a personal collective like motorcyclists, or a small business collective like tradespeople, landlords, or fleet operators.
The Capital Interface is how we do it: infrastructure that connects approved Participants' contingent capital to discretionary mutual collectives. The BMIC, our first live collective, covering motorcyclists' helmets and protective gear, is proof the architecture works today. It's sector-agnostic by design, so any community, personal or small business, with a shared and quantifiable risk can become the next one.
For Members
A defined, transparent layer of cover shaped around a real, shared risk. It's capped and bounded, and reinforced by contingent capital exactly when the collective needs it most.
For Participants
A structurally bounded, capital-efficient position: capital stays private and fully at risk within fixed annual terms, with the possibility of a discretionary enhancement in a well-run year.
"I believe risk finance should be transparent, bounded, and structurally aligned. Babel Cover exists to prove it. We're engineering capital infrastructure that turns risk, behaviour, and resilience into one disciplined system." Stuart King, Founder & CEO
This round funds the next stage: scaling the Capital Interface architecture into new personal and small business collectives, and building out the company behind it.
Why now
- ✓ Priced pre-Series A, so there's meaningful equity still available before the company scales into its next round
- ✓ Live architecture, not a concept: BMIC is operating today, with regulatory positioning already proven
- ✓ Foundations deliberately de-risked before scaling, with proven insurance-linked engineering, including live Web3/tokenisation R&D
- ✓ Backed by Söderberg & Partners and Markd, both strategic to the model
- ✓ Founder-led, with Stuart holding majority voting control
- ✓ A clear, capital-efficient path to additional sector collectives
The Business Model
How the Collective and the Capital Interface work together.
Two parties, one Operator. The Collective is where members pool contributions against a shared, defined risk. The Capital Interface is where approved Participants commit contingent capital that supports the Collective only when it's needed. Babel Cover, as Operator, builds and runs the technology connecting them. Claims decisions stay with the Collective's own board, never with Babel Cover or Participants.
Live case
Collective: BMIC
Member contributions form the primary layer of risk funding within a defined annual boundary, covering riders' helmets and protective gear. Safe riding is rewarded directly, with members building BMIC Coins toward their cover as they ride, turning good behaviour into tangible value.
Discover the BMIC Collective → Contingent capital
Capital Interface Participant
Participants commit capital to a Stability Support layer that applies only in verified aggregate shortfall conditions. It reinforces the Collective without replacing member responsibility, within fixed annual terms and capped application limits.
Learn more about the Capital Interface →
Track Record
We took the time to get the foundations right. Now we're scaling.
We didn't rush to market. Each funding stage was used to prove one thing before asking for the next round of capital.
Angel · 2018
Proof it could be built compliantly
We turned an abstract idea into working systems: an Ethereum blockchain and decentralised application, showcased at the Istanbul Blockchain Fest, proved decentralised risk architecture was technically possible. Alongside it, Atlas, a fully automated, end-to-end bicycle insurance solution, ran on a private Hyperledger Fabric blockchain, entirely within a regulated setting. Two ledger technologies, one conclusion: this could be built compliantly.
Pre-Seed · 2020
Proof there was a market
With the technology proven, we went looking for the right community. Motorcyclists emerged as the clearest product-market fit, a group bound by a shared, quantifiable risk, underserved by traditional insurance, and receptive to a model built around behaviour rather than premium alone.
Seed · 2023
Proof it works at scale
We scaled that insight into a live business, creating the BMIC Collective and standing up the Capital Interface to connect contingent capital to it, followed by the 2024 launch of Poe-ma in French Polynesia. This is where the architecture moved from prototype to production.
Pre-Series A funds the same discipline reaching further: more collectives, more Participants, more capital, with Stuart continuing to co-invest alongside this round, as he has at Angel and Seed before it.
Traction
Where we are today, and where this can go.
Key operating metrics as of August 2026, the near-term plan to scale BMIC, and the wider opportunity it points to. Full financials and cohort data are available in the data room after access is approved.
Today vs. next stage Today 
Why the numbers are still small, and why that's the achievement
Twenty members and £18,884 of contingent capital won't jump off a spreadsheet next to consumer growth benchmarks, and we're not going to pretend otherwise. What that number represents is a working discretionary mutual and a live Capital Interface connecting real Participants to real risk, built and positioned compliantly from a standing start, in a category with no existing playbook to copy. That was the hard, slow part: getting the architecture, the regulatory position and the brand right before asking anyone to scale it. It's done now. Every member, pound and collective added from here builds on infrastructure that's already proven, not one we're still trying to prove works at all.
20BMIC members
£18,884Capital Interface
6Collective pipeline
32%Compound growth
Compound growth is calculated from monthly member additions over the last six months. "Collective pipeline" reflects communities in active discussion, not signed commitments; of these, we're targeting 2–3 live launches within this raise (see next stage, below).
Next stage: this raise*17,500–37,500Rider onboarding
£0.7m–£2.8mCapital Interface
360,000Addressable riders
2–3Live collectives
*Illustrative planning estimates over a 3–5 year path, based on the Collective's current tier mix. Not a guarantee of future growth or returns.
Next collectives. Alongside scaling BMIC, this round funds launching one to two further "quick-win" collectives with a similarly definable risk. Equestrian, cycling and specialist-collector groups are the current pipeline. The single most important thing this proves: that a second collective can reach meaningful membership without a proportionate rise in cost, the clearest evidence that Babel Cover is a repeatable platform rather than a one-off mutual. That's the milestone this raise is built to deliver ahead of the next round.
Warranty & breakdown
Co-developed with Warranty Solutions Group
The BMIC's motorcycle extended warranty and breakdown recovery product is co-developed with Warranty Solutions Group, the UK's leading warranty provider, covering 3,000+ parts and labour up to £5,000, with free premium breakdown recovery. It's distributed through UK Ducati Owners Club branches, giving the BMIC direct reach into an established owners' community.
View the warranty product → Community reach
Strategic partner: Women Riders World Relay
WRWR connected over 20,000 women riders across 100+ countries in the world's largest motorcycle relay and runs an active global riding community. As a strategic partner, WRWR extends the BMIC's reach into a large, engaged, safety-conscious rider base.
Visit Women Riders World Relay →Retail presence
BMIC Collective counter cards are stocked by a number of prominent UK motorcycle retailers, putting the Collective in front of riders at the point of purchase. It's a low-cost channel by design: retailers are incentivised to promote it themselves, because the BMIC Coins members earn are redeemable back into the retail ecosystem, turning member engagement into repeat footfall without eating into marketing spend.
Tomorrow: beyond BMIC Motorcycles: exporting the BMIC playbook Europe & United States
BMIC proves the Collective and Capital Interface architecture works for one community with a shared personal risk. Motorcycles are the natural first step beyond the UK: the same product, the same playbook, exported into markets where the rider population is far larger.
United Kingdom
- Bikes on the road (TAM)1.7m
- Addressable market (SAM)0.36m
- Long-term target, 10% of SAM~36k
Europe
- Bikes on the road (TAM)~40m
- Addressable market (SAM)*~8.5m
- Long-term target, 10% of SAM*~0.85m
United States
- Bikes on the road (TAM)~8.5m
- Addressable market (SAM)*~1.8m
- Long-term target, 10% of SAM*~0.18m
*UK figures reflect Babel Cover's own addressable-market definition, consistent with the plan set out above. European and US addressable and long-term target figures apply the same ~21% TAM-to-addressable ratio and 10% target used for the UK, shown as an illustrative parallel rather than an independently sized study for those markets, and are not a statement of any current plan or timeline to operate outside the UK. Europe's TAM covers motorcycles, mopeds and allied L-category vehicles in use across Europe (source: ACEM, Motorcycle Sector Market Data, 2024). The US TAM covers on-road motorcycle registrations (source: Insurance Institute for Highway Safety / Highway Loss Data Institute, Table 1-21, 2026).
Beyond motorcycles: new collective typesThe same architecture also extends into new collective types, in any of these markets: personal collectives for groups like membership bodies, and business collectives for SMEs sharing a common risk by sector. A gym, a coffee shop and a retailer each carry similar liability, equipment and premises exposure, well suited to pooling for profit from good risk management, just as BMIC does for riders. SMEs alone hold two such adjacent opportunities: their employees and the businesses themselves. And this isn't a UK-only opportunity either: comparable networks of membership organisations and SME populations exist across Europe and the United States.
United Kingdom34.8mMembership-body members, personal collectives
16.9mSME employees, personal-asset collectives
5.7mSME businesses, sector business collectives
50,000+EU membership organisations, personal collectives
62.3mUS small-business employees, personal-asset collectives
36.2mUS small businesses, sector business collectives
Shown to illustrate the scale of adjacent, addressable communities, not a revenue forecast, guarantee of future growth, or statement of any current plan to operate outside the UK. Sources: MemberWise Influence 100 (2026); Dept. for Business & Trade Business Population Estimates 2025; SellersCommerce US Small Business Statistics (2026).
Team
Built across finance, technology, audit and risk, not just insurance.
A small, founder-led team whose combined backgrounds span institutional finance, complex trading systems engineering, and Big Four risk governance: the range it takes to build regulated capital infrastructure.
Meet the Founder →
Stuart King
Founder & CEOTwo decades across finance, technology, governance, capital and risk transformation at institutional scale before founding Babel Cover in 2018. Holds majority voting control, with capital committed alongside this round.
Martin H.
CTOEconomist and technologist with a background in high-frequency trading and complex trade systems across investment banking and gaming, and founder of a micro-payments company serving media paywalls.
Michaela S.
CFOQualified accountant with a master's in economics. Previously Finance Director responsible for $500m in revenues in the pharmaceutical sector, spanning financial planning, reporting, pricing and IT implementation.
Martin K.
CROFormer partner at a Big Four audit firm, where he led a financial services advisory team of more than 200 risk consultants.
The Round
Round terms.
Indicative terms below. Final terms are confirmed in the Subscription Agreement issued to approved investors.
At a glance
Babel Cover Limited, Company No. 11105633
Raising£1.5m
InstrumentOrdinary A Shares
Pre-money valuation£10.25m
Post-money valuation£11.75m
Minimum investment£50,000
New-investor ownership, if fully subscribed~12.8%
Tax reliefSEIS/EIS sought on request*
Target close31 December 2026
Use of funds
| Team & hiring | 35% |
| Capital Interface: engineering | 27.5% |
| New collective launches | 20% |
| Regulatory capital & compliance | 10% |
| Working capital | 7.5% |
What this raise buys
£1.5m funds four things in parallel: team and hiring to run more than one collective at once, Capital Interface and platform engineering to make launching the next collective faster than BMIC was, two to three new collective launches to prove the model repeats, and the regulatory capital and compliance work each new sector requires. Success looks like reaching the next-stage targets set out in Traction above: 17,500–37,500 riders, £0.7m–£2.8m of Capital Interface, and 2–3 live collectives, the milestones that make the next financing round materially lower-risk to underwrite. The detailed bridge from today's metrics to this valuation, and the 3-year model behind it, are in the data room.
Why Invest With Us
What you get as a Babel Cover shareholder.
A fairer model for risk finance
We're re-engineering how capital connects to risk, moving away from opaque, institution-only structures toward a transparent, digitally native model built for collectives and individuals, not just balance sheets.
Governed like a company built to last
EIS approval secured at our angel round, and quarterly written updates issued to investors without interruption since incorporation in 2018. That's the discipline of an institutional business from day one.
A founder built to go the distance
Stuart self-funded Babel Cover's earliest stages and has personally invested his own capital again at Angel and Seed. He built it to be a place he wanted to work, and one that attracts other like-minded people who want to build something different. With the foundations proven, he's ready to bring in a financing partner to help Babel Cover reach its full potential.
Data Room
Documents.
Available to approved investors immediately after your request is verified.
▤
Request accessInvestment memorandum
PDF · Full brief ideal for AI-assisted review▤
Request accessInvestor pitch deck
PDF · Updated August 2026▤
Request accessFinancial model & forecast
XLSX · 3-year forecast▤
Request accessCap table summary
PDF · As at August 2026▤
Request accessDraft Subscription Agreement
PDF · This round's terms▤
Request accessCompany accounts (filed)
PDF · Companies House filing FAQ
Common questions.
What is the Babel Cover vision and mission? +
Risk capital was built for institutions: deep, exclusive, and closed off from the communities who actually carry the risk. Our vision is to open it up, so any group with a shared risk, from motorcyclists to small businesses, can access the same institutional-grade capital and financial engineering once reserved for the few. Our mission is to build the infrastructure that makes that possible, connecting collectives directly to capital through the Collective and the Capital Interface, fairly, transparently, and at scale.
How does the BMIC Collective work? +
The BMIC Collective is a rider-led discretionary mutual for UK motorcyclists, not a traditional insurance policy. Riders choose an annual membership tier (from £45, covering assistance up to £1,500) and, if their helmet or protective gear is damaged in a genuine road incident, can ask the Collective's Board to consider discretionary support for repair or replacement, case by case rather than under fixed policy terms. Riders who complete a year without needing assistance can be recognised with non-cash BMIC Coins. Each membership funds three things: Babel Cover's operating fee, the Collective's own member contribution, and contingent stability capacity from Capital Interface Participants. It's the architecture set out in The Business Model section above. Find out more at thebmic-collective.co.uk.
What regulatory framework does the Collective operate under, and does expanding need new permissions? +
The BMIC operates as a discretionary mutual, a long-established UK structure that sits outside standard insurance regulation because support is discretionary rather than a contractual guarantee. Launching a new UK collective in a different sector reuses that same structure. Expanding into a new country means working through that jurisdiction's own regulatory framework, which may call for local permissions, partners or structuring, and is factored into how we sequence and pace new collectives.
What does it cost to launch a new collective, and how long does it take? +
A new collective reuses the same core technology, Capital Interface infrastructure and operating playbook as BMIC, so most of the cost and time goes into the community, not the platform: finding the right partner group, defining a shared risk boundary that's genuinely quantifiable, and building trust with that community, rather than rebuilding the underlying architecture from scratch. Full unit economics and timelines for collective launches are set out in the financial model, available to approved investors in the data room.
What stops an insurer, broker or fintech from just copying this? +
The architecture isn't the hard part to describe, it's the hard part to operate compliantly, at pace, across multiple communities. Our moat compounds with three things: the regulatory and discretionary-mutual operating know-how built and tested through BMIC, live relationships with the community and distribution partners each new collective needs to succeed, and a Capital Interface network of Participants who already understand and trust the model. Every additional collective we launch adds to all three, making the next one faster for us and harder for anyone starting from scratch to replicate.
How is the £10.25m pre-money valuation justified? +
The valuation reflects the architecture, regulatory groundwork and brand built since 2018, not current revenue alone; the fee model is built to scale with adoption rather than front-load revenue. The detailed bridge from today's metrics to this valuation, the 3-year revenue and EBITDA model, and the milestones expected to support the next round's valuation are set out in the financial model in the data room, and we'd rather walk you through that in full than reduce it to a single number here.
Is this the same as the Capital Interface? +
No. The Capital Interface is a separate, non-equity product for approved Participants supporting the BMIC and future collectives. This page is about buying shares in Babel Cover Limited, the company that builds and operates that infrastructure.
Who can invest in this round? +
This round is open to investors who are certified as high net worth, sophisticated, or otherwise eligible under UK financial promotion rules, and who have been personally invited to request access. It is not a public offer.
What happens after I request access? +
We'll verify your investor status, send an NDA, and once signed, open the data room and arrange a call with Stuart to walk through the numbers.
Is this investment eligible for SEIS/EIS relief? +
Prior share issuances have qualified for SEIS relief. For this round, Babel Cover intends to seek HMRC advance assurance for SEIS/EIS on request from prospective UK investors. We're not applying as a blanket condition of the round, as we're also opening it to international investors for whom SEIS/EIS relief isn't relevant. Confirmation for your specific investment would be set out in your Subscription Agreement, and you should take independent tax advice.
What's the minimum investment? +
£50,000, with larger allocations available for lead or strategic investors on request.
When does the round close? +
31 December 2026, or once fully subscribed, whichever comes first.
Request Access
Ready to take a closer look?
Tell us a little about yourself and we'll be in touch within 1–2 business days to verify eligibility and open the data room.
Prefer to talk first? Email stuart.king@babelcover.com directly.
Explore our vision and mission →