Bright Harbour has advised IFR Drones Ltd (trading as Moonrock Insurance) on its minority investment from Minority Broker Partnerships (‘MBP’). Financial terms of the transaction have not been disclosed.
Founded by Simon Ritterband, Moonrock Insurance (‘Moonrock’) is an insurance Managing General Agent (‘MGA’) specialising in the rapidly expanding drone and eVTOL space (electric Vertical Take-Off and Landing). A combination of technology improvements and regulatory changes has opened the door for what is termed the ‘Low Altitude Economy’ to become part of everyday life in the not too distant future. Minority Broker Partnerships is an investment vehicle backed by insurance veteran Peter Cullum. The investment from MBP will fund Moonrock’s next stage of growth whilst also utilising Peter’s deep understanding of the insurance industry to help Moonrock realise its ambition of becoming the leading insurance provider of drone related products.
Simon Ritterband, Founder and CEO of Moonrock, said “Bright Harbour were central in helping Moonrock secure funding to support our continued growth. Eleanor’s advice was clear and the project management from the whole team gave us, our new and existing stakeholders confidence throughout.”
Eleanor Wilkinson, Partner, who led the Bright Harbour team, commented “It was great to work with Simon and the team at Moonrock. The growth in the Low Altitude Economy is phenomenal and Moonrock is ideally placed to capitalise on this, especially now it has funding.” For more information or to discuss how we may be able to help you, please contact Eleanor Wilkinson.