Evaluating only Superscript’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
Ben Rose and Janthana Kaenprakhamroy found Digital Risks in London targeting tech SME business insurance.
FUNDING
Rebrands to Superscript; raises £25M from Highland Europe; reaches 10,000 SME policyholders.
DOWN ROUND
Elevated cyber claims from tech startup clients and worsening reinsurance market compress margins severely.
SHUTDOWN
Book of business sold to rival broker after Series C fails; independent Superscript brand wound down.
Full Analysis
Free · no account needed
Documented cause
Superscript, formerly Digital Risks, was a London digital SME and startup insurance broker co-founded by Ben Rose and Janthana Kaenprakhamroy. The company raised £40M including a £25M round in 2021 from Highland Europe, targeting tech startups and freelancers with subscription-based business insurance. Despite reaching £30M GWP by 2023, a combination of elevated cyber claims among tech startup clients, deteriorating reinsurance market conditions, and an inability to raise Series C funding led to a strategic review. In early 2024, the company sold its book of business to a rival broker and ceased independent operations.
Lesson
“Concentrating SME insurance portfolios in a single correlated sector (tech startups) amplifies systemic cyber loss events catastrophically.”