New Zealand insurtech JAVLN has raised $6.7 million, backed by Australian fund manager Bombora as it aims to list on the Australian Stock Exchange (ASX).

The new capital will enable JAVLN to expand its presence in Australia and then in the Asia Pacific, with acquisitions possible. JAVLN’s leadership and development team will continue to be based in Grey Lynn, Auckland.

The raise included a private offer to pre-IPO investors of $4 million.

“To compete with global firms we need to scale our team and technology. Partnering with Bombora ... helps us capture new opportunities in Australia and makes it easier to attract further investment in the future,” JAVLN CEO and founder Dale Smith said.

Established in 2014, JAVLN says it sought capital to expand as insurers, underwriters and brokers undergo significant digital transformation, face new reporting regulations, and raised customer and staff expectations for user-friendly online experiences.

Its platform offers full policy lifecycle management and also historical client information, automatic renewals and payment reminders.

“JAVLN is very well positioned to grow as insurers, underwriters and brokers adopt modern, cloud based, integrated software solutions to improve efficiency, compliance and customer experience,” said Auckland-based Potentia Capital Advisor and WNT Ventures Chair Kerry McIntosh, who Bombora has appointed JAVLN Chair.