Investment notes: Butter

September 26, 2022

Providing a safety net for your important assets

Butter is an insurtech startup like no other. Founded by Cassie Bell and Steph Skevington, Butter boasts flexible, single-item policies that can be taken out online and managed like any other subscription.

Together, this founding pair are on a mission to bring much-needed energy and creativity to the insurance industry, and of course, help people easily protect the things they love.

The team’s Startmate mentor squad includes Michael Stocks, Felix Wong, Natalie Collins and me (Zak Islam, squad partner).

💜 What we love about the founders

The Butter team’s combined creativity, energy and intelligence is a force to be reckoned with. 

With a tertiary background in law, and professional experience working with some of the most reputable law firms (such as Gilbert + Tobin), Steph and Cassie have a wealth of deep industry experience in a domain that is ripe for innovation. 

Together, they are bringing a solution to the market to help 18-to-35-year-olds protect and secure their most loved assets (from a smartphone and laptop to jewellery). These two founders understand the complexity of this space and have the experience and passion to disrupt it.

Butter founders Cassie Bell and Steph Skevington

🔮 What's the magic?

Imagine you are out with friends, sitting on a patio, taking in the sunshine, when someone accidentally spills water all over your new phone. It’s damaged beyond repair and you’re in panic. What now?

Butter is focussed on solving this problem by enabling consumers to insure their most loved assets with a single item insurance policy that is affordable and easy to access. 

Butter is focusing on four key elements: policy innovation, customer centricity, technology and distribution, and brand voice and connection. Butter will insure your assets against accidental damage, theft and total loss anywhere in the world on a subscription basis. 

This is a solution unlike any in the market. Consumers can now purchase insurance and gain peace of mind should something happen to their valuable assets.

🚀 Why now?

It is estimated 74% of Australians renting households do not have contents insurance. Furthermore, 68% of millennials and 86% of Gen Z do not have insurance of any kind. This means if an item is damaged, stolen or destroyed, the owner has to replace the item at their own cost or go without. 

Furthermore, as the cost of major assets such as property become increasingly unaffordable, millennials and Gen Z are spending their disposable income on assets including expensive phones, jewellery, electronics and other branded goods. There isn’t an insurance product on the market today that will insure these singular items. 

This creates an opportunity for Butter to provide much-needed peace of mind for consumers to build confidence that they won’t be left out of pocket if their valuable assets are damaged, stolen or destroyed.

The market needs this solution and now is the perfect time for Butter to bring this offering to market.

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Written by
Written by
Zak IslamZak Islam
Zak is a Startmate Mentor who most recently was Chief Technology Officer at Linktree, and prior, was VP/Head of Engineering at Atlassian. While leading large organisations, he spends most of his professional time diving into and learning about new technologies, leadership principles, with product management is a close second. He also spends time coaching startup leaders to refine their visions and offering.

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