Insurtech Veridox raises £1m led by Outward VC and Solo Investments Holdings Limited
At a glance
This article covers a seed funding round on 23 September 2025 for Veridox, a Manchester-based insurtech building an AI-driven platform to detect manipulated documents and images, founded by Dan Sandler and Joey Clover. It raised £1m in a round led by Outward VC with investment from Solo Investments Holdings Limited.
What does Veridox do?
Veridox is an AI-driven platform that analyses insurance claim documents and images for manipulation. It provides forensic analysis and clear explanations to help insurers assess and investigate suspected fraud.
Why is Veridox useful?
Problem
People face growing insurance fraud that costs insurers billions and often goes undetected in Europe. Most insurers only know the fraud they catch and lack a clear view of total losses.
Solution
Veridox explains that it uses AI to analyse claims documents and images for signs of manipulation. The platform gives forensic, explainable reports that show what was altered and why, guiding faster investigations.
How much did Veridox raise?
Veridox raised £1m in a seed round, led by Outward VC with participation from Solo Investments Holdings Limited. This makes it the 38th largest funding round in September 2025 (42 recorded). As of 23 September 2025, the round is the 368th largest of the year (449 total) in the Startupmag database.
For details on how Startupmag compiles its rankings, view our Methodology.
Who invested in Veridox?
Key investors in the round included the following parties:
- Outward VC: A venture capital firm that invests in early-stage technology companies.
- Solo Investments Holdings Limited: An investment company founded by media entrepreneur Solly Solomou.
In the funding announcement, Sanchit Dhote from Outward VC said:
When facing such a monumental challenge as insurance fraud in the AI era, Veridox has the potential not just to reshape its market, but to set a new standard in fraud detection. Its early traction with tier one insurers and law firms shows just how urgently the industry needs tools that actually help investigators detect and stop fraud.
If you're researching potential backers in this space:
- Explore our list of Insurtech venture capital firms in the UK
- Browse our directory of Insurtech angel investors in the UK
Who founded Veridox?
The founders of Veridox are Dan Sandler and Joey Clover.
Where is Veridox based?
Veridox is based in Manchester, UK.
What sector is Veridox in?
Veridox operates in the insurtech sector. Insurtech uses technology to make insurance services faster, fairer and more accurate. For example, it helps spot fake claims and speed up payouts.
Key trends and challenges in Insurtech:
AI-enabled fraud escalation
Fraudsters increasingly use AI to create fake documents and images, with reports citing a 300% rise in motor fraud.
Need for explainable forensic tools
Insurers need tools that explain exactly what was altered, helping investigations and court evidence.
High economic cost and hidden losses
Insurance fraud costs about £13 billion in Europe each year, with many losses still undetected.
For a deeper look at innovation in this space, see the latest funded Insurtech startups in the UK
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