Cactus Limited, the ground-breaking tech firm specialising in data capture and transmission for the casualty and specialty insurance market, has closed a successful pre-seed investment round with a raise of more than $500,000.

The Bermudian-based company said this significant funding milestone was achieved with considerable support from the Bermuda Investor Community, the island’s first fully digital angel investment platform, bringing local investment opportunities to qualified individual investors.

Cactus said the new funding will be instrumental in allowing it to further develop its innovative end-to-end data capture and transmission infrastructure, thereby revolutionising how data is managed and used in the insurance sector.

"This investment is not only a strong endorsement of our vision but also provides the fuel for the next phase of our growth," said James Robinson, founder of Cactus.

"The Bermuda Investor Community team has been instrumental in connecting us with outstanding individuals in Bermuda. Their ability to attract high-quality investors from across the island is truly remarkable and is going to be a significant part of our success."

Cactus said Matthew Heath, head of group legal at Fidelity International, was introduced as an investor through the Bermuda Investor Community.

Mr Heath will be joining the Cactus board of advisers, providing valuable insights and guidance to the growing firm.

Mr Robinson said: "We are delighted to welcome Matthew to the team. His wealth of experience and knowledge will be invaluable as we continue our mission to disrupt the casualty and specialty insurance market."

With the freshly secured capital, Cactus has partnered with the Technology Leadership Forum to fund a three-month summer internship for Ryan Cranfield, further strengthening its commitment to cultivating local tech talent.

Moreover, the funding enabled Cactus to make its first non-founder hire in Bermuda.

Software engineer Nick Hoskins has joined the team, reinforcing the company's dedication to Bermuda and contributing to the island's growing tech scene.

With this pre-seed funding round complete, Cactus said, it is well positioned to continue its rapid growth and maintain its leading role in transforming the casualty and specialty insurance market with advanced technology solutions.