ARMD

Idea

Introduction

We founded ARMD after customers at our previous IoT tech business asked us for a solution to protect their tools. 78% of tradespeople have had their tools stolen but only 17% have insurance. Trades are significantly under-protected and underserved, and this represents a $6.5B+ market opportunity in the UK alone. It's a huge problem, and we decided to do something about it.

Our award-winning solution uses smart tech and insurance to help prevent theft and get trades back to work quickly if the worst happens.

With settlement times regularly taking weeks, tradespeople lose income when they need it the most, however our quickest claim to date was settled the next day! Insurers also benefit from improved risk mitigation and claim handling costs.

The ARMD Guard is now ready and we've secured insurance capacity and investment for two game-changing insurance products, creating exciting new distribution channels for insurance, e.g. via retailers, where our customers shop daily.

Substantial accomplishments to date

Last year was focused on improving our core offering, with the key development being the ARMD Guard smart alarm and tracker at the end of December ‘22. Now, for the first time, we can leverage and sell the full ARMD proposition via our launch partners.

Highlights include:

• 3,500+ ARMD accounts registered - includes free tool inventory users and and/or those that have bought tools, insurance and alarms.

• £1m+ worth of tools registered by users in our platform.

• Industry-first “Quick Claim Settlement Promise” for tools, backed by RSA.

• Launched our first strategic B2B sales partnership with CSL, Europe's leading secure connectivity provider.

• "Excellent” rating on Trustpilot with early customers loving what we do.

• Selected from 120+ insurtechs globally and successfully graduated from the prestigious Lloyd’s Lab.

• Scoped and secured support for our new embedded and parametric insurance products.

• Secured commonly purchased trade insurance products such as Public Liability, broadening our range and increasing average revenue per user.

• Our previous Seedrs campaign achieved its target within 2 days and overfunded, resulting in the campaign closing early.

• Agreed a number of exciting new sales partnerships.

• Received some fantastic recognition and press coverage including:

- Professional Builder – Product of the Year 2022
- Insurance Post voted ARMD as a top ten InsurTech to watch
- Featured in a BBC news article about technology & tool theft

Monetisation strategy

Our business model is based on providing multiple entry points to the ARMD ecosystem from where we can cross-sell our services on a subscription model:

• Complete Protection – customers subscribe to a package that includes both the ARMD Guard and insurance.

• Tool Inventory– the free ARMD app enables customers to register their tools and what they're worth, making it easier to then upsell our insurance and alarm.

• ARMD Guard – sold as a monthly subscription through our website, the retail channel and our B2B partners.

• Tool Hire Voucher Guarantee – this will be a standard feature of the ARMD Guard and bundled with each alarm through all our channels.

• Itemised Insurance – sold through retailers at point of sale with the tools themselves, thus gaining access to the global power tool market worth $45B+ annually.

Through a combination of affordable products and novel approaches to distribution, ARMD is unlocking the opportunity to protect millions of underserved tradespeople.

Use of proceeds

We have come a long way with just the 4 of us, however we believe we now have a unique value proposition and it's time to capitalise on what we have built.

Funds raised will be spent on:

• Building our A team:
- Onboarding the first key hires we've identified, which include sales, product and marketing.

• Sales & Marketing:
- We have some exciting partnerships agreed, and we intend to expand these to include new affiliate partners, retailers and brokers. We will also continue building our brand to increase customer trust and create demand for our channel partners.

• New product development:
- We'll be working on some big themes such as embedded, parametric, and IoT-enhanced underwriting. We're just getting started, but we're aiming to build the future of insurance.

We believe this investment will enable us to accelerate activity and demonstrate sustained growth in advance of our next planned series A round.

Join us on our journey to become the leading insurtech provider for tradespeople.. and get ARMD!