Insurtech Open has raised $31 million in new capital to support its business expansion in Australia, New Zealand and the UK.

Co-founder Jason Wilby says the second round of funding - known as Series B financing for start-ups - will be invested into growing the Huddle brand and white-label partnerships, similar to the ones the business has with Telstra and Medibank-owned health insurer ahm.

“This $31 million, it’s really all about growth now,” Mr Wilby told insuranceNEWS.com.au.

He says the business is working very closely with New Zealand’s Tower Insurance to launch Huddle at around the Christmas period.

The business had in May announced it would launch in New Zealand, offering motor and home contents products through a partnership with Tower, which will underwrite the personalised digital products.

He says the Hollard-backed business is also looking to expand into the UK next year as well as strengthen its Australia presence.

Mr Wilby says the $31 million represents a “big, big raise” for the business, bringing the total capital pumped in by investors to $53 million.

Open will be replicating its Australia distribution strategy in New Zealand and the UK, selling Huddle-branded products and also via white-labelling with leading businesses.

Hollard underwrites its products in the Australian market.

“We will follow the same distribution model in New Zealand and the UK as well as continue to invest in Huddle, but also embedding some products on a white label basis as well,” Mr Wilby said.

For the Australian market, he says the business will continue to “embed” Huddle with new partnerships and also invest further in the brand.

“And we will also continue to build out some of those successful white label partnerships like ahm where we can bring insurance to customers and make sure it’s available where they need it,” Mr Wilby said.