Picnic is creating a global collective of fully-licensed, digital insurance mutuals, 100% owned by customers, where customers can review claims and share all profits. The first mutual is on schedule to launch in Australia mid-2019, offering protection for cars and homes.
The purpose of this round of fundraising is to enable Picnic to complete the go-live activity. This includes completion of systems configuration and testing, recruitment of operational personnel, licensing completion and provision of working capital for the first mutual.
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